PANews reported on May 20 that according to Cryptonews, the Indian Supreme Court questioned the country's central government on the issue of cryptocurrency regulation. The panel composed of judges Surya Kant and N Kotiswar Singh pointed out in a cryptocurrency fraud case that current Bitcoin transactions are "nothing more than a more sophisticated form of underground exchange" and emphasized that the government should formulate clear regulatory policies as soon as possible.

The court said that although the government was asked to clarify its position on digital assets two years ago, no specific regulations have been issued so far. The judge believes that a complete ban on cryptocurrencies is not a wise move, and the current 30% tax on cryptocurrency gains constitutes a form of "legal recognition". The court suggested that the government should consult experts and establish a regulatory framework to monitor activities in this field. Previously, the Indian government responded to the Supreme Court in January 2024 that the regulatory decision on cryptocurrencies was still under review.