The Orissa High Court made a groundbreaking judgment regarding cryptocurrency, stating that it does not fall under the category of 'money' in the existing financial laws. The verdict was delivered by Justice Sasikanta Mishra in a case where two individuals were accused of running a multi-level marketing scam using a fake cryptocurrency business called 'Yes World Token.' The accused lured investors into their scheme with promises of high returns through a network-building strategy. However, Justice Mishra's ruling clarified that dealing in cryptocurrency itself is not illegal and does not violate the Odisha Protection of Interests of Depositors Act. The judge highlighted the lack of evidence of fraudulent activities or misappropriation of funds from investors. Transactions involving crypto wallets were conducted, securing investments in individual trust accounts rather than directly sending funds to the accused. This distinction led to the dismissal of cheating charges under Section 420 of the Indian Penal Code. Additionally, traditional financial crime charges like forgery were deemed unsubstantiated due to the absence of document falsification or manipulation. Cryptocurrencies, with their encryption technology, serve as digital currencies and virtual accounting systems, challenging legal norms globally. This ruling emphasizes the complexities and opportunities associated with cryptocurrencies, signifying a crucial moment in how these technologies are viewed and regulated in the country.
Legal Ruling on Cryptocurrency in Orissa High Court

by Giorgi Kostiuk
a year ago

Other news
Trust Wallet Integrates Apple Pay for Instant Crypto Purchases

Trust Wallet has announced the integration of Apple Pay, allowing users in over 45 countries to purchase cryptocurrencies instantly.

Launch of XRP ETFs Sparks Institutional Demand

The launch of XRP exchange-traded funds (ETFs) by major financial institutions has sparked significant institutional interest in digital assets.

XRP Exchange Reserves Decline Significantly, Indicating Strong Investor Sentiment

XRP reserves on Binance have dropped sharply to roughly 27 billion XRP, indicating a trend of withdrawals into self-custody, reflecting strong investor sentiment.

Challenges in Predicting Solar Flares Highlight Need for Resilience

The unpredictability of solar flares poses challenges for industries, necessitating comprehensive strategies for response.

The Importance of Understanding APR for Bad Credit Borrowers

A report highlights the importance of APR for subprime borrowers, noting that rates below 20% are competitive and emphasizing the need for understanding average APRs to make informed borrowing decisions.

Leading Online Platforms for Subprime Borrowers Revealed

A report identifies leading online platforms that cater to subprime borrowers, offering competitive APRs and unique features.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter