The Orissa High Court in India recently gave a judgment that engaging in cryptocurrency transactions does not contradict Indian law.
Rising crypto popularity underscores the need for effective regulation to protect investors globally.
A High Court in India recently gave a judgment that may have far-reaching implications for Indian crypto holders. The court ruled that engaging in cryptocurrency transactions does not contravene Indian law. This stemmed from a case involving individuals accused of committing a Ponzi scheme.Clarifying the status of cryptocurrency in India, Justice Sasikanta Mishra of the Orissa High Court concluded that cryptocurrency does not fall under the definition of “money” as outlined in the Prize Chits and Money Circulation Schemes Act.
Furthermore, investments made by the public in cryptocurrency cannot be classified as deposits under the Odisha Protection of Interests of Depositors Act.“Mere dealing in cryptocurrency cannot be treated as illegal in any manner. Hence, it cannot be treated as an offense under the OPID Act.”This decision underlined a broader global trend where cryptocurrencies have increasingly become recognized and integrated into mainstream financial frameworks.
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