- India’s top court in the cryptocurrency fraud trial has expressed outrage at the authorities’ stance.
- The government has been urged to develop a uniform regulatory framework and set up an oversight body.
India’s top court has expressed concern and urged the government to develop a regulatory framework for cryptocurrencies, the Hindustan Times reported, citing its sources. The call came amid a rise in digital asset-related crime, the publication emphasized.
“You [the government] still don’t have a clear law for this sector, unfortunately. Do you have an agency at the national level to take up these cases, investigate them? We want you to set up such an agency in the interest of citizens,” the Supreme Court said.
It is worth noting that several charges against one Ganesh Shivkumar Sagar were pending in the trial in which the government was admonished. He is accused of fraud, Beincrypto reports.
Sagar demanded a thorough investigation into the case. The court noted that the country lacks a clear mechanism for enforcement action, following which it asked the authority.
In December 2022, on the sidelines of the G20 summit, India called on the world to come together to develop a unified regulatory framework for the digital asset sector.
In January 2023, the country’s central bank advocated a complete ban on cryptocurrencies, but failed to win the government’s support. In March, India’s Finance Ministry decided to extend AML rules to the virtual asset sector.
In the backdrop, the country announced the development of a central bank digital currency (CBDC). The initiative has the support of the central bank, which sees the financial instrument as a more regulated substitute for cryptocurrencies.
The initiative is supported by the central bank, which sees the financial instrument as a more regulated substitute for cryptocurrencies.