Supreme Court Says Laws Related to Bitcoin Like Cryptocurrencies are obsolete, sugges government to make regulation

Crypto’s market has increased rapidly over the years. Along with this, there has also been an increase in cases of fraud in this segment. The Supreme Court has said that the current law related to cryptocurrency like Bitcoin is ‘old’. Along with this, the Supreme Court has said that the system of regulations of these digit assets is ‘deficiency’ and the central government should take steps to resolve it.

A media Report According to, the bench of Justice Surya Kant, Dipankar Datta and Vijay Bishnoi has insisted on creating strict regulations for cryptocurrency during the hearing of a fraud case related to bitcoin. This Maamla is associated with Gujarat businessman Shailesh Babular Bhatt, which is accused of fraudulently fraudulent in many states. Senior Advocate Siddharth Dave and Mukul Rohatgi, who are advocating Bhatt in this case, said that the Supreme Court had earlier instructed the Attorney General of the country to make a suitable regulatory mechanism for cryptocurrency.

To this, Justice Kant said, “When we said that regulatory mechanism should be made, it was a strict statement. We are monitoring it. We are looking at international economic conditions.” This is not the first time that the Supreme Court has insisted on making clear laws regarding cryptocurrency. In the last hearing of the case, the court described the trades of regulations without bitcoin as hawala business. Along with this, the court had warned that due to lack of rules, it has become easy for people to misuse the system.

The Supreme Court also said that during the hearing of a case related to trading in bitcoin about two years ago, it had asked the government to give information about the policy related to the trading of virtual currency but he has not received any answer yet. In the last hearing of the case, Senior Advocate Rohatgi had said that after rejecting a circular of the Supreme Court’s Reserve Bank of India (RBI), trading in bitcoins in the country is not illegal and due to this his client’s arrest is wrong. On this, Justice Surya Kant said that he does not know much about bitcoin personally. He had said that trading hawala in bitcoins in the country is like dealing in a better way of business.