New Delhi, May 30 -- The Supreme Court on Friday highlighted the urgent need for a robust regulatory framework on cryptocurrency, observing that the current legal provisions are "completely obsolete" and unable to address complex issues arising from the use and misuse of digital assets like Bitcoin.
A bench comprising Justices Surya Kant, Dipankar Datta, and Vijay Bishnoi made the remarks while hearing a plea filed by Gujarat-based businessman Shailesh Babulal Bhatt, an accused in multiple cryptocurrency-related fraud cases across several states.
"There exists a grey area in the field of bitcoin/cryptocurrency regulation and the existing laws are completely obsolete. They cannot address this issue," the court noted during the proceedings....