The Indian Supreme Court has ordered the Union government to explain its position on creating a federal body to handle criminal cases involving cryptocurrency. The court voiced its displeasure with the current crypto regulatory landscape, highlighting the necessity for a national specialised body to handle complicated enquiries in the public interest.
The existing condition has been harshly criticised by Justices Surya Kant and Dipankar Datta. They noted that huge sums of money are being stolen from the nation via crypto scams, and that without a legal structure in place, it is difficult to investigate and punish persons participating in these scams. The court expressed dismay that no viable remedy has been proposed, calling into question the government’s duty to put an end to such illegal conduct.
India’s unfriendly posture towards digital assets may be traced back to the country’s longstanding difficulty in regulating them. The Reserve Bank of India’s openness to studying the idea of a digital rupee, however, is encouraging, since it shows a readiness to adopt technology in the financial sector.
The absence of a comprehensive legal framework in India is a problem for investors and the general public as the cryptocurrency business develops throughout the world. The establishment of transparency and accountability in today’s lightning-fast digital world may depend on the creation of a specialised body to investigate crimes using cryptocurrency.
Finally, the government has the responsibility to solve the crypto dilemma by developing a strong legal system to deal with instances involving cryptocurrencies, protecting the country’s financial interests and making the internet a safer place for everyone.
