Indian Supreme Court Taken One Step Ahead For Cryptocurrency
The Indian government has done nothing regarding crypto except the high tax rules imposed. But thankfully supreme court is coming ahead with this and asking about regulations from the government. Without rules and regulations, you can't put anyone in jail and also the rules are not passed in parliament yet. And this is what the supreme court is saying. So in a way, the supreme court wants the government should pass the rules on cryptocurrency.
Crypto Case That Becomes Reason For This
Nowadays one case is in hot topic. Let me explain this so the person whose name is Shiv Kumar was arrested from Delhi. After that shiv kumar asked for bail. And this is common because whoever goes to jail asks for bail. This man was charged with money laundering and cryptocurrency fraud. Already two bails have been canceled of this person and this person goes to the supreme court.
So when this case is going on in court, the supreme court checked that there are no rules and regulations on crypto. And there is no agency that checks this type of crypto case as well as there is no expert panel that can check cryptocurrency matters. So the supreme court asked why this man is arrested. And that time government does not have anything to keep in the supreme court. And because of this matter supreme court asked for the rules and regulations on crypto because this is not a state government responsibility but it is the responsibility of the central government.
Cryptocurrency Regulation is coming?
Supreme Court said to the government why you have not taken any positive steps yet. So after this statement, We can expect something positive on crypto from India's side because now this is a court matter and now the government has to come ahead with an expert committee and they have to provide rules and regulations. So shiv kumar is in jail and he is suffering but something can happen now. And all credits will go to the person named shiv kumar. When it comes to crime we do have not details that what type of crime he did. Maybe he was holding a huge amount of crypto and would have withdrawn.
Now the question is whether cryptocurrency regulation is coming or not. And the answer is yes we have hope now because now the supreme court entered into this matter so the government is forced to do this. but this will take time and also we can't expect better rules in the beginning but time by time we can see improvement. Regulation will affect positively the market as well as more people will join the crypto which is why regulation is good for the crypto. The last time when the crypto ban happened, the crypto community won the case in the supreme court.
Also, last time you have seen p2p scam cases. In case, if you face this type of situation then if the crypto is regulated then you will have proper help and guidance and it will be easy for you to solve this type of scam matters. So what do you think regarding this hot topic? let me know in the comment section and also share this post on social media platforms. Have a good day ahead.
Thank you, everyone.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested to learn new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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i did not know about this?... so is crypto is security and commodity, or banned gambling class in india?
they need to impose taxes only on capital gains man...
i dont expect anything positive from the current govt. they will possibilyhave unfavorable regulations only.
i bet bitcoin miners exited after the tax stuff,crypto trading volumes are down.. its not happening...
give shiv kumar bail man...let him go home for a while
I am also not expecting something positive from this government but we have to show faith in the supreme court.
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Crypto was also banned in my country Nigeria, but the new government has promised to adopt crypto I don't know how true is that but I hope the sees the need to do so soon
That's good news I hope that we Indians also get a new government that is positive for crypto.