India's Supreme Court questions the government's delay in implementing cryptocurrency regulation policy

According to Cryptonews, the Supreme Court of India has questioned the government's delay in establishing clear cryptocurrency regulatory policies. A bench of two judges from the Supreme Court stated that unregulated Bitcoin transactions are "merely a more sophisticated form of underground banking." The judges pointed out that while banning cryptocurrencies is not a wise move for the economy, it is necessary to regulate them to enhance oversight. The court believes that since the Indian government has already imposed a 30% tax on Bitcoin trading profits, this in itself implies a certain degree of "legal recognition," and therefore, an appropriate regulatory framework should be established. Previously, in February 2022, the Supreme Court had asked the government to clarify the legality of cryptocurrency trading in India, but until January 2024, the government still stated that relevant regulatory decisions had not been made.