Supreme Court calls crypto ban unrealistic, urges regulatory action.
Fraud case involving 2,091 BTC drives court scrutiny.
Court compares Bitcoin trading to hawala, flags urgent oversight need.
On May 19, 2025, India’s Supreme Court questioned why the central government has yet to create clear rules for cryptocurrencies. Justices Surya Kant and N. Kotiswar Singh said banning digital assets would be like “shutting your eyes to the ground reality.” Instead, they urged regulatory action, not prohibition.
The bench said,
“We aren’t experts. Experts would examine it, but some steps to regulate it and have an eye on it are necessary.”
Supreme Court to India Gov: Regulate Crypto, Don’t Ignore Reality
The justices emphasized that the government must act with the help of domain experts to monitor the fast-evolving crypto market. They referred to a previous case where the Attorney General claimed regulation was impossible due to the international nature of crypto, which the court found inadequate.
The court highlighted the contradiction in India’s approach: taxing crypto at 30% plus 1% TDS (Tax Deducted at Source), all while lacking any f…
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