Internet reports, according to Cryptonews, the Supreme Court of India has questioned the government's delay in issuing a clear cryptocurrency regulatory policy. The two-judge panel of the Supreme Court said unregulated Bitcoin transactions were "just a more sophisticated form of underground banking." The judges pointed out that while banning cryptocurrencies is not a wise move for the economy, it is necessary to regulate them to strengthen supervision. The court held that since the Indian government has levied a 30% tax on Bitcoin transaction profits, this in itself means a certain degree of "legal recognition," so a corresponding regulatory framework should be established. Previously, in February 2022, the Supreme Court asked the government to clarify the legality of cryptocurrency transactions in India, but until January 2024, the government still stated that relevant regulatory decisions had not been made.