The Supreme Court of India equated Bitcoin trading to a refined Hawala method, highlighting the lack of regulation for cryptocurrencies in the country. Senior advocate Mukul Rohatgi argued that Bitcoin is legal and valuable, with a current exchange value of one BTC averaging 82 lakh INR (approximately 97,333 USD).
The court is waiting for responses from the Gujarat government regarding the bail plea of Shailesh Babulal Bhatt, arrested for alleged illegal trading of Bitcoin. A hearing on this matter is scheduled for May 19, 2025.
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