Wednesday was an interesting day in the history of the Indian crypto landscape. The Supreme Court of India refused to entertain any petition to regulate cryptocurrencies. The SC stated that it cannot lay down the law regarding crypto matters.
Even though the country’s general population is looking to explore the crypto world, the government has not laid down any relevant regulations to create a conducive environment for it. The Indian government’s stance towards crypto is quite reminiscent of how things were with the USA.
Not Banned, Yet Not Legal
The petition was heard by a bench comprising Augustine George Masih and Justice BR Gavai. The bench stated that there have been countless petitions on topics related to crypto all across the country. However, the SC has no provision to lay down any law.
Justice Gavai said, “It is in the domain of policymakers. How can we issue any such direction? We cannot lay down the law.” The Bench added, “The prayers made in the petition are within the legislature and executive domain. In that view of the matter, we are not inclined to entertain the petition.”
The petition was to make crypto a regulated landscape. At the moment, cryptocurrencies are not banned in the country, but they are not seen as legal tender either. This means that the tokens are not regulated, and a heavy amount needs to be paid as a tax.
Now, traders need to pay the government close to 30% of their taxes. Additionally, 1% is deducted at the source, bringing the total deduction to 31%. This has caused a serious concern amongst traders who want to generate profit using the landscape
