During a recent hearing concerning a surge in cryptocurrency-related fraud, the Supreme Court of India emphasized the need for expert consultation when formulating cryptocurrency regulations. Justices Surya Kant and NK Singh highlighted the current regulatory vacuum surrounding digital currencies in the country.
The court’s observation, reported by Bar and Bench, suggests a nuanced approach to crypto regulation, moving beyond a simple ban. The Additional Solicitor General (ASG) Aishwarya Bhati is expected to present the government’s stance on cryptocurrency regulations by July, indicating a proactive engagement by the state in addressing this complex issue. The case prompting this discussion underscores the urgency for clear regulatory frameworks to protect citizens from potential financial crimes in the burgeoning crypto space. The court’s emphasis on expert input signals a desire for informed and effective policies.
