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Crypto Chaos in India: Supreme Court Demands Legislation

Crypto Chaos in India: Supreme Court Demands Legislation

The Supreme Court, or Supreme Court, of India has instructed the government to draft clear crypto legislation. According to the Hindustani Times the Supreme Court is concerned about the large amount of crypto crimes in the South Asian country. Although crypto is very popular among Indians, the Indian government is not exactly enamored with digital currencies.

Supreme Court wants crypto legislation

The Supreme Court of India has expressed doubts about the Indian government’s policy on crypto. For example, the government would not do enough to prevent abuse and crime within the crypto sector. According to a recent study, 156 million people will be using crypto in India by the end of this year. Despite that large number of users, there is no clear legal framework in place. This worries the judges.

“Unfortunately, there is no law yet. We want a national specialized unit to be identified, for the national interest.”

It is remarkable that there is no call for clear guidelines for the crypto sector. The request only seems to relate to the prevention of crime within the crypto sector, such as scams. Currently, police departments are fighting crimes within the crypto sector. The judges would like a specialized department to carry out these tasks.

India and China are going their separate ways on crypto

As mentioned, the Indian government does not seem to welcome the crypto sector. However, there is a lot of pushing for a national central bank digital currency (CBDC): the digital rupee. This makes India’s policy more similar to China’s than the approach of most Western countries.

China has had a CBDC for some time. Although the adoption of this was slower than expected, it seems to be getting underway. With this policy of China, and therefore also of India, there seems to be a clear contrast between these two geographic giants and the rest of the world.

Although the United States also seemed reluctant to welcome the crypto sector, two very important laws were passed last week. These two laws should provide a lot of clarity for the US crypto sector.

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