During a debate on the Finance Bill in the Lok Sabha on Monday, BJP MP Nishikant Dubey expressed strong criticism of the Supreme Court’s involvement in matters such as cryptocurrency and online gaming regulation. Dubey argued that these issues, which he described as dangerous for the country’s youth, should not be subject to judicial intervention.
Dubey highlighted concerns about cryptocurrency, pointing out that Reserve Bank of India (RBI) Governor Shaktikanta Das has consistently stated that cryptocurrencies are not legal tender. Despite this stance, the Supreme Court ruled against restrictions on cryptocurrency exchanges, allowing them to continue operations.
“As a result, cryptocurrency exchanges continue to operate, and transactions keep happening,” Dubey said.
He added that black money continues to flow out of the country due to these transactions, which remain outside the purview of legal tender.
The lawmaker noted that the government has taken measures in recent budgets to address these concerns. Provisions have been introduced to tax investments in cryptocurrency and digital currency and deduct portions of such investments. Under Section 115BBH of the Income Tax Act, a flat 30% tax is imposed on profits earned from crypto transactions, alongside a 1% Tax Deducted at Source (TDS) on transfers of virtual digital assets.
Dubey also turned his attention to online gaming and betting platforms, which he claimed have led to widespread social issues.
“There is no village or city where youths have not been driven to suicide due to these platforms or where parents’ hard-earned money is not being drained into betting,” he said.
While state governments and the central government have attempted to take action against these platforms, Dubey alleged that the Supreme Court’s ruling has complicated enforcement efforts. The court differentiated between betting and gaming by stating that gaming involves skill, thereby limiting the government’s ability to impose strict regulations.
The MP underscored the need for stronger legislative measures to curb both cryptocurrency-related activities and online gaming platforms. He also accused certain political entities of benefiting from donations linked to these industries, further complicating regulatory efforts.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.
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