Delhi HC denied bail to a businessman in a crypto scam, warning that crypto dealings can dissolve legal money into untraceable funds. The court cited serious economic and legal concerns.
The Supreme Court of India expressed concerns about the unregulated status of cryptocurrencies like Bitcoin during a recent hearing. While the government taxes crypto transactions at 30%, it lacks a regulatory framework. Justice Suryakant emphasized the risks and potential illegal uses of cryptocurrencies, calling for a structured legal approach.
The Supreme Court of India discussed Bitcoin’s usage and regulation but declined a petition for rules, stating such matters are for policymakers. Concerns about misuse were raised, with an emphasis on the lack of legal framework. India doesn’t recognize cryptocurrencies as legal tender, imposing taxes, while the central bank warns of investment risks.