The Supreme Court of India has drawn comparisons between Bitcoin trading and modern forms of illegal money transfers, likening it to a refined hawala system. This analogy arose during a bail hearing involving Shailesh Babulal Bhatt, who faced accusations of engaging in illegal Bitcoin trading operations. The judges expressed disappointment over the government’s persistent failure to establish clear regulations for cryptocurrency, despite numerous judicial requests in recent years. Such remarks emphasize the urgent need for regulatory clarity in the fast-evolving crypto landscape to protect both investors and ensure market integrity.