Delhi Court Warns Crypto Could Collapse Recognized Money Into Dark Networks
Main Idea
The Delhi High Court has raised concerns about cryptocurrencies posing a systemic threat by enabling opaque and untraceable financial flows, potentially undermining recognized monetary systems.
Key Points
1. Justice Girish Kathpalia of the Delhi High Court described cryptocurrencies as a systemic threat due to their potential to dissolve recognized money into dark, untraceable networks.
2. India's Supreme Court has previously criticized Bitcoin trading, comparing it to a 'refined form of Hawala,' an informal money transfer system.
3. The Indian government enforces a 30% capital gains tax and 1% TDS on crypto transactions, alongside an 18% GST on crypto service and trading fees.
4. The ruling reflects broader regulatory concerns about cryptocurrencies, a theme India has advanced during its G20 presidency.
5. The court's warning highlights the legal and economic risks associated with the untraceable nature of crypto transactions.
Description
India’s legal alarm over crypto hit new highs as the Delhi High Court warned it threatens monetary stability by dissolving recognized currency into opaque, untraceable financial systems. Delhi High Court Flags Crypto as Systemic Threat Amid Growing Legal Scrutiny Concerns over digital asset misuse intensified in India after a judicial warning flagged crypto’s ability to
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