TechFlow, May 20 — According to Cryptonews, India's Supreme Court has questioned the government's prolonged delay in establishing clear cryptocurrency regulations. A two-judge bench stated that unregulated Bitcoin trading "is nothing but a more sophisticated form of underground banking."
The judges noted that while banning cryptocurrencies may not be economically prudent, regulation is necessary to strengthen oversight. The court observed that since the Indian government already imposes a 30% tax on profits from Bitcoin transactions, this implies a certain degree of "legal recognition," and therefore a proper regulatory framework should be established.
Previously, in February 2022, the Supreme Court had urged the government to clarify the legality of cryptocurrency trading in India, but as of January 2024, the government stated that no final regulatory decisions have been made.
