India’s Supreme Court questions government’s delay in introducing cryptocurrency regulation

according to Cryptonews, the Supreme Court of India has raised questions about the government's delay in introducing a clear regulatory policy for cryptocurrencies. A panel of two judges of the Supreme Court stated that unregulated Bitcoin transactions are "nothing but a more sophisticated form of underground money laundering."

The judges pointed out that while banning cryptocurrencies is not a wise move for the economy, it is necessary to regulate them to enhance supervision. The court believes that since the Indian government already levies a 30% tax on profits from Bitcoin transactions, this in itself implies a certain level of "legal recognition," and therefore, a corresponding regulatory framework should be established.

Earlier in February 2022, the Supreme Court had asked the government to clarify the legality of cryptocurrency transactions in India, but as of January 2024, the government still stated that no relevant regulatory decisions have been made.