BJP MP Nishikant Dubey criticizes SC’s Role in Cryptocurrency and Online Gaming Regulation

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BJP MP Nishikant Dubey has raised concerns over the Supreme Court’s intervention in cryptocurrency and online gaming matters. Speaking in the Lok Sabha during a debate on the Finance Bill, Dubey alleged that judicial interference has led to challenges in regulating these sectors.

According to a report by The Week, Dubey emphasized that cryptocurrency and online gaming attract young people but pose significant risks. He recalled that former Reserve Bank of India (RBI) Governor Shaktikanta Das repeatedly stated that cryptocurrency is “not a legal tender.” Despite this, the Supreme Court ruled in favor of cryptocurrency exchanges, allowing transactions to continue.

Dubey expressed concern over black money outflow linked to cryptocurrency. He stated, “That is why, even before this budget and in this budget as well, provisions have been made to deduct a portion of investments in cryptocurrency and digital currency and impose a tax on them.”

The MP also criticized online gaming and betting, highlighting its financial and social impact. He claimed that many young people have suffered due to excessive engagement with online betting platforms. He said, “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.”

Dubey noted that state governments have attempted to regulate the online gaming industry. However, he alleged that the Supreme Court’s ruling differentiating gaming from betting has prevented strict regulation. He said, “It ruled that betting and gaming are different, stating that gaming involves skill. Based on this ruling, the Indian government is now compelled and unable to take strict action.”

He said, “Of course, you will say this because a prominent person from your side—whether from St. Diego or St. Martin, whatever the name is—has made donations. He donated to Mamata Banerjee’s government in Bengal and also contributed to you through Electoral Bonds.”

He also pointed out that the online gaming industry is subject to a 28% Goods and Services Tax, which has led to its rapid growth. Additionally, he alleged that political donations from foreign entities have influenced the sector’s operations.

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