The Supreme Court of India is pushing the Indian government to step up on crypto legislation.
While crypto legislation continues to be talked about around the world, governments continue to take steps on the subject. However, the Supreme Court of India is pushing the government to take action in this regard.
Indian government may step up on crypto legislation
The Supreme Court of India is pushing the Indian government to step up on crypto regulation. The Supreme Court has instructed the government to record whether it plans to establish a federal agency to investigate crypto-related criminal cases. The court described it as “unfortunate” that India still does not have a law or institution regulating crypto.
Judges Surya Kant and Dipankar Datta criticized the government, asking if it has an institution to understand and properly investigate crypto-related cases. The court called for the establishment of a specialized agency to handle such cases at the national level and expressed doubts about how police officers would handle cases involving such complex procedures.
Requesting the government to establish a legal mechanism in this regard, the court panel emphasized the uncertainty in crypto regulation, noting that all the country’s money is directed to this area. India has long been far from a crypto-friendly regulatory space, and uncertainties remain.
However, the Reserve Bank of India remains interested in developing a central bank digital currency called the digital rupee. This could signal possible advances in crypto regulation in the country. Under pressure from the court, the government is expected to take a step towards crypto regulation, but it is not yet clear what method and framework it will follow.
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