Supreme Court of India Calls for Clear Crypto Legislation
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The Supreme Court of India has expressed concerns over the Indian government’s approach to cryptocurrencies. It believes that the government is not doing enough to tackle the issues of abuse and criminality within the crypto sector. A recent study predicts that by the end of this year, 156 million people in India will be using cryptocurrencies. However, there is currently no clear legislative framework in place, which is causing alarm among the judges.
“Unfortunately, there is no law yet. We want a national specialized department to be identified, for the national interest.”
The Supreme Court’s request seems to focus on combating criminal activities within the crypto sector, such as scams and fraud. At present, the responsibility of tackling these crimes falls on the police departments. However, the judges are advocating for a specialized department dedicated to this task.
India and China take different paths in crypto
It is clear that the Indian government is not particularly welcoming of the crypto sector. However, it is actively pushing for the creation of a national central bank digital currency (CBDC), known as the digital rupee. This aligns India’s approach more closely with that of China rather than with most Western countries.
China has already launched its own CBDC, although its adoption has been slower than anticipated. Nevertheless, China’s approach, and subsequently India’s, sets them apart from the rest of the world.
While the United States has also shown reluctance towards embracing the crypto sector, two significant laws were recently passed, aiming to bring clarity and regulation to the American crypto industry.