According to Foresight News, the Indian Supreme Court has raised concerns about the government's inadequate regulation of cryptocurrencies. The court highlighted the absence of a clear legal framework, which has led to Bitcoin transactions being viewed as informal and illegal cross-border fund transfers. Judges reminded the federal government that approximately two years ago, the Supreme Court had sought clarity on India's virtual currency policy.
The judges emphasized that a complete ban on cryptocurrencies is not advisable, but some form of regulation is necessary. They noted that Bitcoin profits are subject to a 30% tax, indicating a degree of legal recognition for cryptocurrencies. The court argued that if taxation is imposed, then proper regulation should logically follow.
