Indian Supreme Court Urges Government Regulation of Cryptocurrency

BlockBeats News, May 20th, according to a report by Cointelegraph, as reported by the Indian legal media LawChakra, despite the government having imposed taxes on digital assets such as Bitcoin, the Indian Supreme Court recently questioned the country's lack of a clear stance on cryptocurrency regulation.

Supreme Court Justice Surya Kant expressed doubt during a continued hearing involving Bitcoin transactions, stating: "These cryptocurrencies constitute a complete parallel economy and are posing a threat to the national economy." He further noted that despite the government imposing a tax rate as high as 30% on crypto assets, there is still a significant lack of regulation.

"If you have already decided to tax it at 30%, then please also regulate it because by taxing, you have essentially acknowledged its existence," Justice Kant remarked.