India’s Supreme Court has criticized the government’s lack of a clear regulatory framework for cryptocurrencies, raising concerns about the potential for misuse and economic disruption. During a hearing, justices pointed to the unregulated nature of Bitcoin trading as reminiscent of informal money-transfer methods like ‘hawala,’ highlighting the need for effective regulation to curb illegal activity. justices emphasized the importance of establishing comprehensive regulations, urging the government to expedite their development. The court’s comments come amidst investigations into illegal Bitcoin trading activities, including a prominent case involving Shailesh Babulal Bhatt, accused of extorting cryptocurrency and cash. The lack of clear regulations has resulted in confusion for investors, with victims of recent cybercrimes like the WazirX hack facing difficulty seeking appropriate redress.