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
2 years ago

Other news
Hyperliquid Traders Face Liquidations Amid Oil Price Plunge

Hyperliquid traders faced widespread liquidations as oil prices dropped, resulting in significant losses for nearly 3,000 users.

Bitcoin Long-Term Holder Supply Turns Positive Again

Bitcoin's long-term holder supply has shifted back into positive territory, indicating a change in investor behavior.

Ethereum's Price Structure Compared to Netflix's Historical Trading Pattern

Crypto analyst Crypto Tice compares Ethereum's price structure to Netflix's trading behavior from 2003 to 2009, suggesting a potential breakout after long-term stagnation.

Moo Deng Meme Coin MOODENG Surges 65% Following Intruder News

The Solana meme coin MOODENG has surged 65% in the last 24 hours following news of an intruder fined for entering Moo Deng's enclosure.

Man Fined for Intruding on Viral Hippo Moo Deng's Enclosure

A man has been fined 300 for unlawfully entering the enclosure of the viral pygmy hippo Moo Deng at Khao Kheow Open Zoo.

SEC Drops Lawsuits Against Major Crypto Firms, Acknowledges Past Mistakes

The SEC has dropped seven lawsuits against major crypto firms, including Binance and Coinbase, acknowledging past mistakes in resource allocation.

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