India’s Supreme Court has criticized the government for its lack of regulatory clarity regarding cryptocurrencies, despite taxing digital assets like Bitcoin. Justice Surya Kant voiced concerns over the rising popularity of Bitcoin and similar assets, labeling them as a potential threat to the country's economy. During a hearing related to an ongoing Bitcoin transaction investigation, he questioned the government's decision to impose a tax of 30% on cryptocurrencies while failing to establish a regulatory framework. The Additional Solicitor General of India indicated that the government would ponder over the request for a review of the current regulatory stance. The Supreme Court discussion underscored concerns about the misuse of cryptocurrencies, suggesting the need for some regulatory oversight. Currently, while the government has established tax obligations, comprehensive legislation governing cryptocurrency operations has not yet been introduced, sparking criticism from both the industry and policymakers amid the ongoing growth of this asset class.

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