Indian Supreme Court Warns of Cryptocurrency Misuse, Urges Regulation
The Indian Supreme Court has expressed concerns about the lack of regulation for cryptocurrencies, highlighting potential misuse and the absence of a clear legal framework. The Court's remarks come as the government continues to review the Cryptocurrency Bill 2021.
The Court bench disapproved of the Bitcoin industry's unchecked growth, comparing it to 'a more polished form of Hawala', an illegal money transfer system. The Court raised concerns about the federal government's long-standing failure to regulate cryptocurrencies, despite their taxable status as capital gains since the Union Budget 2022.
The Court acknowledged that an outright ban might not be beneficial for the economy, but it stressed the urgent need for regulation. The Indian administration and the Reserve Bank of India have previously cited the industry's downsides as a reason for their cautious stance. The Lok Sabha, India's lower house of parliament, is currently reviewing the Cryptocurrency Bill 2021, which proposes a regulatory framework including a possible ban on private cryptocurrencies while promoting a digital rupee.
The Supreme Court's intervention has reignited the debate on cryptocurrency regulation in India. The Court's concerns about the lack of a clear legal framework and potential misuse may now pressure the government to finally address the uncertainty surrounding the digital assets industry.
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