India’s Supreme Court urges government to regulate cryptocurrency
India’s Supreme Court has raised concerns about the government's lack of regulatory clarity on cryptocurrencies, despite imposing a 30% tax on digital assets like Bitcoin. Justice Surya Kant highlighted the risks posed by an unregulated cryptocurrency market, referring to it as a "parallel economy" that could threaten the national economy. The court noted that while taxation acknowledges the existence of cryptocurrencies, regulation is necessary. The Additional Solicitor General indicated that the government may consider reviewing current regulations. During the hearing, lawyer Mahesh Jethmalani mentioned Bitcoin's global acceptance, including its use in purchasing cars in Europe. Kant expressed worries about potential misuse of cryptocurrencies, suggesting that while some Bitcoin transactions are legitimate, others may facilitate illegal activities. India currently lacks comprehensive legislation governing cryptocurrencies, leading to criticism from industry stakeholders and policymakers.
