Cryptocurrency Can Make Recognised Money Untraceable: HC

SUMMARY The HC made the remarks while denying bail to businessman Umesh Verma in connection with a cryptocurrency- fraud case RBI’s top leadership has been vehemently critical of cryptocurrencies, with governor Sanjay Malhotra recently saying that cryptocurrencies could affect the country’s financial stability Despite the unclear status of cryptos, the government charges a 30% tax on profits from sale of VDAs and an additional 1% levy on transactions exceeding INR 10,000 in a fiscal year In a scathing indictment of cryptocurrencies, the Delhi High Court (HC) observed that dealing in such virtual digital assets can lead to the “dissolution” of recognised money into “dark, unknown and untraceable money”. As per news agency PTI, the HC made the remarks while denying bail to businessman Umesh Verma in connection with a cryptocurrency- fraud case. “Dealing in cryptocurrency has profound implications on (the) economy of our country by way of dissolution of recognised money into the dark unknown a…