Top court asks government for 'clear cut' cryptocurreny policy, flags eco impact

The Supreme Court on Monday asked why couldn't the Centre formulate a "clear cut" policy on regulating cryptocurreny while underlining its impact on economy.

A bench of Justices Surya Kant and N Kotiswar Singh termed the Bitcoin trade as an illicit trade more or less like "hawala" business.

"Why does Centre not come out with a clear cut policy on regulating cryptocurrency? There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade," the bench told Additional Solicitor General Aishwarya Bhati, appearing for the Centre.