Crypto in India: Supreme Court Asks Govt to Clear Stance on Legality of Crypto

A bench of justices including DY Chandrachud and Surya Kant had asked the Additional Solicitor General Aishwarya Bhati, appearing for Centre and Enforcement Directorate, “We want you to tell us on affidavit whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not? What is the regime for Bitcoin trade at present?”

Highlights

  • The Indian government is playing a strange game with the emotions of crypto investors not just in India, but across the globe.
  • Any coin that is widely loved in India will get affected if the government deems crypto as illegal in the country.
  • In the Budget session which took place in February 2022, the Indian government said crypto holders would have to pay 30% tax on their income.

Crypto in India

The Indian government is playing a strange game with the emotions of crypto investors not just in India, but across the globe. Any coin that is widely loved in India will get affected if the government deems crypto as illegal in the country.

In the Budget session which took place in February 2022, the Indian government said crypto holders would have to pay 30% tax on their income as well as 1% TDS on buying and selling as well.

But the government didn’t exactly say whether it looks at crypto as a legal asset in India or not. This is what is perplexing for the investors and traders of crypto coins. However, the Supreme Court (SC) has asked the government to clarify its stance on the legality of crypto. This will make it easier for everyone involved to understand the future of the crypto market in India.

According to a PTI report, a bench of justices including DY Chandrachud and Surya Kant had asked the Additional Solicitor General Aishwarya Bhati, appearing for Centre and Enforcement Directorate, “We want you to tell us on affidavit whether cryptocurrency trade involving Bitcoin or any other such currencies is legal in India or not? What is the regime for Bitcoin trade at present?”

The case was being heard on the SC because one Ajay Bhardwaj and a few other people had duped people of their money by promising high returns after investing in Bitcoin, a globally popular cryptocurrency.

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Tanay is someone who enjoys reading and predicting the markets and what the outcome is going to be like. Following the crypto space, while being a value investor since 2018, Tanay looks to expand the horizon of his knowledge regarding investing and managing money every day.

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