The Supreme Court of India urges the government to regulate cryptocurrency

ChainCatcher news, according to Cointelegraph, reports that despite the government's taxation of digital assets like Bitcoin, the Supreme Court of India recently questioned the country's lack of a clear stance on cryptocurrency regulation, as reported by Indian legal media LawChakra.

Supreme Court Justice Surya Kant stated during a hearing related to an ongoing investigation into Bitcoin transactions: "These cryptocurrencies constitute a complete parallel economic system and are posing a threat to the national economy." He further pointed out that despite the government imposing a tax rate of up to 30% on crypto assets, there is still a significant absence of regulation.

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