India, May 20 -- The Supreme Court has reportedly questioned the central government's delay in formulating cryptocurrency regulations, highlighting concerns over its economic implications.

The Apex court said the current taxation of Bitcoin trading profits at 30% implies a form of legal recognition and if it's already acknowledged that it needs to be regulated, a report by Bar and Bench said.

Cryptocurrency in India falls under virtual digital assets (VDA) and income from transfer of VDAs is subject to a 30% tax rate and additional cess is also applicable.

A Bench, comprising Justices Surya Kant and NK Singh, was hearing a plea related to cryptocurrency and said that the issues should be taken up in consultation with experts.

The cour...