India’s Supreme Court has questioned the government’s lack of regulatory clarity on cryptocurrencies despite imposing taxes on digital assets like Bitcoin.
According to Indian legal news outlet LawChakra, the country’s Supreme Court expressed concern over the growing use of Bitcoin (BTC) and other cryptocurrencies while remaining largely unregulated.
“This is a whole parallel economy running with such coins and is a danger to the economy of the country,” Justice Surya Kant reportedly said during a recent hearing related to an ongoing investigation into a Bitcoin transaction.
Kant further highlighted that while the government has implemented crypto taxation, it has failed to regulate the space.
“If you can tax it at 30%, also please regulate it as you have recognised it by taxing it,” the judge said.
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The Additional Solicitor General of India — a senior legal officer representing the government of India