Local media of India reports that the Supreme Court urged the Indian government lawyers to clarify if cryptocurrencies are legal or not. The legal status of the sector is uncertain as there is no regulatory framework but on the other hand, the Ministry of Finance imposed a 30% taxation rule on crypto.
Related: India to Impose 30% Tax on Crypto and NFT Income
The question was risen at the court hearing over one of India's largest scams, "Gain Bitcoin." It was alleged that the founder Ajay Bhardwaj and his partners collected 87.000 Bitcoins worth around $2.7 billion at the time. The court's request was done orally and not in written form to end the confusion over the sector.
Answering the judge, the Additional Solicitor General of India answered that the team would give the answer. The law officer added that although the case involved crypto, the status of the crypto assets was not central in the case.