India’s Supreme Court Questions Government’s Delay in Crypto Policy Formulation

India's Supreme Court has expressed concerns regarding the lack of a "clear cut" crypto regulation policy from the central government. Key points include:

Justices Surya Kant and N Kotiswar Singh highlighted the impact of an unregulated "parallel under-market" for cryptocurrencies on the economy.
The court questioned why the government has not established regulations to oversee cryptocurrency trading.
Justice Kant compared bitcoin trading to illegal Hawala transactions, emphasizing the need for oversight.
This discussion arose during a bail petition hearing for Shailesh Babulal Bhatt, accused of crypto-related fraud.
The court noted the government's failure to clarify whether Bhatt was exploiting others or being exploited himself.
India's government previously planned to release a discussion paper on its crypto policy by September last year, but this has not occurred.
A senior official indicated that delays stemmed from reviewing more favorable crypto policies in the U.S.