According to Indian legal news outlet LawChakra, the country’s Supreme Court expressed concern over the growing use of Bitcoin (BTC) and other cryptocurrencies while remaining largely unregulated.“This is a whole parallel economy running with such coins and is a danger to the economy of the country,” Justice Surya Kant reportedly said during a recent hearing related to an ongoing investigation into a Bitcoin transaction.
Related: Indian high court orders steps to block Proton MailGovernment says review may followThe Additional Solicitor General of India — a senior legal officer representing the government of India — reportedly answered the request by saying that the government “will take instructions, my lord,” indicating that the government may consider reviewing the country’s current cryptocurrency regulation.
The latter appears likely since the statement was followed by the judge saying that “it has also become a possible way to do illegal business.”India’s government has not yet introduced comprehensive legislation to govern cryptocurrencies, though it taxes gains and requires firms to report certain activities to financial regulators.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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