30 August 2026
Indian Supreme Court Asks Government to Clarify on Legality of Cyptocurrency
Indian supreme court sought clarity from the central government on Friday regarding the legal status of Bitcoin in the country. At the beginning of this month, the finance minister had declared a 30% tax on Crypto gains in the annual financial budget. Although, Nirmala Sitharaman, the finance minister of India, said that applying taxes on Cryptocurrencies does not give them legal status in the country.
Even after the Indian finance ministry applied a 30% tax on Cryptocurrencies and NFTs, the Crypto market is still unregulated within the country. The finance minister claimed that it’s the country’s sovereign right to tax Cryptocurrency transactions. However, Sitharaman mentioned that any official stance on regulation would only come once the ongoing consultations are completed. The proposed Cryptocurrency tax will be applicable from Assessment Year 2023-24.
Recently, the Crypto regulations issue turned into a criminal case as the accused defrauded people in a Cryptocurrency scam. The judge of this case D.Y. Chandrachud has granted the accused interim protection from arrest till the next hearing but sought more clarity on the legal status of Cryptocurrency. Also, Justice Surya Kant asked ASG Aishwarya Bhatti, who was appearing in the case, "You must clarify the legal position (on bitcoins).” The ASG said that she would. The judge, however, directed the accused to meet the investigating officer and cooperate in the investigation.
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