According to BlockBeats, on October 17, legal practitioner Amit Kumar Gupta said in an interview that the Indian government's stance on cryptocurrency reflects a lack of understanding of the technology. The legal practitioner believes that the Indian government's "harsh" crypto tax is an attempt to replace blockchain and encryption technology because they believe that these technologies are only used for illegal purposes such as money laundering and terrorist financing.

At the 2024 Symposium on Peer-to-Peer Financial Systems, Gupta presented a research paper on crypto taxation in India at the Supreme Court of India and the Indian Institute of Technology Kanpur. Gupta explained that the crypto and blockchain space in India is heavily taxed but lacks regulation. “This stems from the lack of understanding by Indian regulators about the actual application and potential of Web3 technologies.”