Indian Supreme Court, Urging Government To Regulate Cryptocurrency… "System Arrangement Needed Rather Than Total Ban"

The Supreme Court of India once again demanded the government to establish clear regulations on cryptocurrencies. According to the Hindustan Times, the Supreme Court pointed out that "simply banning cryptocurrencies is not desirable and clear and realistic regulation is essential."

The Supreme Court criticized that although it ordered the government to establish a cryptocurrency regulatory system two years ago, there has been no clear progress so far. In particular, it emphasized that "in a situation where a new financial mechanism is emerging, a complete ban is an unwise decision, and Bitcoin transactions in the absence of regulation may be considered illegal remittances."

This decision is being interpreted as a positive signal for the industry and investors who want the institutional integration of the cryptocurrency industry.