The Supreme Court of India Questions the Government's Cryptocurrency Regulation

According to Foresight News, the Supreme Court of India has expressed concerns about the inadequate regulation of cryptocurrencies by the government. The court highlighted the lack of a clear legal framework, which has led to Bitcoin transactions being viewed as informal and illegal cross-border money transfers. The judges reminded the federal government that approximately two years ago, the Supreme Court had requested 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 gains are subject to a 30% tax, indicating a degree of legal recognition for cryptocurrencies. The court argued that if a tax is imposed, then appropriate regulation should logically follow.