The Supreme Court stated that it was “unfortunate” that the government had not yet made clear regulations on cryptocurrencies, as this could cause issues in the future.
The Supreme Court demanded action from the government and questioned whether it intended to set up a separate federal agency to look into cryptocurrency-related offenses to solve the issue of rising crime.
The country requires a national agency that can comprehend and look into these problems, according to Justices Surya Kant and Dipankar Datta. They asked the government to create one as quickly as feasible.
The Supreme Court remarked while taking petitions regarding cases of crypto fraud in numerous Indian states under consideration. The government was urged by the court to answer whether it has the resources needed to set up a framework to look into these issues.
Despite four years of promises, the Indian government has yet to publish the crypto law’s final form. As a result, there has been a continuous fight in the nation for transparent regulations.