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
Dramatic USDC Price Spike on Bithumb Caught Traders by Surprise

Dramatic USDC price spike on Bithumb reached 6,120 won before correcting, highlighting volatility in stablecoins.

R25 Launches Revolutionary RWA-backed Tokens on Sui Network

R25 has launched two groundbreaking RWA-backed tokens, rcUSD and rcUSDp, on the Sui network, marking a significant milestone in the evolution of decentralized finance.

Neel Kashkari Critiques Cryptocurrency Use Cases

Neel Kashkari, the President of the Minneapolis Federal Reserve Bank, criticizes cryptocurrency for lacking real-world utility compared to artificial intelligence, sparking a debate about the future of digital assets.

Bitcoin OG Makes Bold 4415 Million Leveraged ETH Long Bet

A Bitcoin OG has reentered the market with a massive leveraged ETH long position, signaling strong confidence in Ethereum's future.

Gala Games Launches Thanksgiving 2025 NFT Sale

Gala Games is celebrating Thanksgiving 2025 with a special NFT sale in Town Star, featuring limited-time discounts on select NFTs.

Multicoin Capital's $493M AAVE Investment Signals Long-Term Confidence

Multicoin Capital has made a $493 million investment in AAVE tokens, demonstrating long-term confidence in the DeFi protocol despite facing unrealized losses.

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