India's Supreme Court: Completely banning cryptocurrencies is not a wise move and requires clear regulation

According to Foresight News, as reported by The Hindustan Times, the Supreme Court of India on Monday questioned the Indian government's long-standing inadequate regulation of cryptocurrencies and stated that the lack of a clear legal framework for Bitcoin trading is an informal illegal cross-border fund transfer method. The judge reminded the federal government that about 'two years ago', the Supreme Court had sought to clarify India's virtual currency policy. The judge added that a complete ban on cryptocurrencies is not a wise move, but some form of regulation is necessary. Bitcoin's profits have been subject to a 30% tax, indicating that the cryptocurrency has gained legal recognition to some extent. If taxation is to be imposed, it is reasonable to regulate it appropriately.