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India’s Supreme Court urges government to regulate cryptocurrency..

India’s Supreme Court has called out the central government for its long silence on regulating crypto while warning them that the legal vacuum is a breeding ground for misuse.

On Monday, the apex court sharply questioned why no regulatory framework has been introduced to govern cryptocurrency in India.

India’s Supreme Court questioned the government’s failure to regulate cryptocurrencies despite taxing them, warning that #Bitcoin and similar #Tokens assets poses economic risks.

“If you can tax it at 30%, also please regulate it as you have recognised it by taxing it” -the judge said.

India’s government has not yet introduced comprehensive legislation to govern crypto currencies, though it taxes gains and requires firms to report certain activities to financial regulators. The lack of regulation has drawn criticism from both the industry and policymakers amid the asset class’s continued growth.

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Post by- #AskToRahulSingh