{"id":27669,"date":"2025-05-20T12:31:48","date_gmt":"2025-05-20T12:31:48","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=27669"},"modified":"2025-05-20T12:31:48","modified_gmt":"2025-05-20T12:31:48","slug":"indias-supreme-court-urges-government-to-regulate-cryptocurrency","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=27669","title":{"rendered":"India\u2019s Supreme Court urges government to regulate cryptocurrency"},"content":{"rendered":"
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\"India\u2019s<\/p>\n

India\u2019s Supreme Court has questioned the government\u2019s lack of regulatory clarity on cryptocurrencies despite imposing taxes on digital assets like Bitcoin.<\/p>\n

According to Indian legal news outlet LawChakra<\/a>, the country\u2019s Supreme Court expressed concern over the growing use of Bitcoin (BTC<\/a>) and other cryptocurrencies while remaining largely unregulated.<\/p>\n

\u201cThis is a whole parallel economy running with such coins and is a danger to the economy of the country,\u201d Justice Surya Kant reportedly said during a recent hearing related to an ongoing investigation into a Bitcoin transaction.<\/p>\n

Kant further highlighted that while the government has implemented crypto taxation, it has failed to regulate the space.<\/p>\n

\u201cIf you can tax it at 30%, also please regulate it as you have recognised it by taxing it,\u201d the judge said.<\/p>\n

Related: <\/strong><\/em>Indian high court orders steps to block Proton Mail<\/strong><\/em><\/a><\/p>\n

Government says review may follow<\/h2>\n

The Additional Solicitor General of India \u2014 a senior legal officer representing the government of India \u2014 reportedly answered the request by saying that the government \u201cwill take instructions, my lord,\u201d indicating that the government may consider reviewing the country\u2019s current cryptocurrency regulation.<\/p>\n

The report follows a May 5 hearing<\/a> by the Supreme Court of India during which Kant and lawyer Mahesh Jethmalani shared their views on cryptocurrency. Jethmalani explained that Bitcoin is already seeing widespread usage worldwide, noting that \u201cin Europe, you can walk into a car showroom and buy a car using just one Bitcoin.\u201d<\/p>\n

Related: <\/strong><\/em>Coinbase plans India comeback with FIU registration<\/strong><\/em><\/a><\/p>\n

While this scenario is not as common as this statement may suggest, buying<\/a> a car with Bitcoin<\/a> is possible at specialized sellers. The lawyer also showed that he misunderstood the pseudonymous nature of Bitcoin\u2019s creator, Satoshi Nakamoto, claiming that he was from Japan:<\/p>\n

\u201cIt was created by someone from Japan who used a fake name.\u201d<\/p><\/blockquote>\n

Concerns over misuse<\/h2>\n

Kant also expressed concern over the misuse of cryptocurrencies during the hearing. He said that \u201cthere is some system of rules that applies to this.\u201d<\/p>\n

Kant also said that \u201csome Bitcoins are genuine, but some might not be.\u201d However, it\u2019s unclear whether he meant to suggest that counterfeit Bitcoin are in circulation (there are none) or that illegal activities taint some. <\/p>\n

The latter appears likely since the statement was followed by the judge saying that \u201cit has also become a possible way to do illegal business.\u201d<\/p>\n

India\u2019s government has not yet introduced comprehensive legislation to govern cryptocurrencies, though it taxes gains and requires firms to report certain activities to financial regulators. The lack of regulation has drawn criticism from both the industry and policymakers amid the asset class\u2019s continued growth.<\/p>\n

Magazine: <\/strong><\/em>India mulls new crypto ban to support CBDC, Lazarus Group strikes again: Asia Express<\/strong><\/em><\/a><\/p>\n