Supreme Court Questions Centre Over Cryptocurrency Regulation, Says It Must Be Regulated, Not Banned

The Supreme Court, while hearing a plea linked to a cryptocurrency fraud involving the abduction and extortion of over 2,000 Bitcoins, 11,000 Litecoins, and ₹14.5 crore, questioned the lack of regulatory measures for cryptocurrency in India.

While acknowledging taxation of digital assets at 30%, the Court emphasized that regulation, not a ban, is essential. The issue arose from a case tied to the now-defunct BitConnect platform, where the petitioner's role is still unclear.

The Court directed the CBI to expedite the investigation and asked for the Union’s stand on crypto regulation. The matter is scheduled for further hearing on May 30, 2025.