SC compares Bitcoin trading in India to ‘refined Hawala’, slams Centre for delay in setting crypto rules

The Supreme Court on Monday compared Bitcoin trading in India to a more polished form of Hawala, an illegal money transfer system. The court also criticised the Centre for not setting clear rules for virtual currencies so far.

A bench of Justices Surya Kant and N Kotiswar Singh made these remarks while hearing a bail plea from Shailesh Babulal Bhatt, who was arrested by the police for allegedly being involved in illegal Bitcoin trading, reported PTI.