• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Legal Ruling on Cryptocurrency in Orissa High Court

user avatar

by Giorgi Kostiuk

2 years ago


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.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Aave Faces Major Crisis Following Kelp DAO Exploit

chest

Aave is facing a major crisis due to a $293 million exploit at Kelp DAO, leading to a confidence crisis and significant withdrawals.

user avatarJesper Sørensen

Aave's Borrowing Activity Collapses Post-Crisis

chest

Aave's borrowing activity has dramatically declined post-Kelp DAO exploit, signaling a lack of confidence in the protocol.

user avatarRajesh Kumar

Ethereum Market Sees Shift Towards Derivatives Trading

chest

A significant divergence has been observed in Ethereum trading, with derivatives gaining dominance while spot market volumes decline.

user avatarLucas Weissmann

Senate Banking Committee Moves Forward with Warsh's Nomination for Fed Chair

chest

The Senate Banking Committee has advanced Kevin Warsh's nomination to succeed Jerome Powell as Fed chair.

user avatarFilippo Romano

Federal Reserve Maintains Steady Interest Rate Amid Global Economic Concerns

chest

The Federal Reserve maintained its benchmark interest rate steady at 3.5% to 3.75% amid global economic concerns.

user avatarEmily Carter

CLARITY Act Moves Closer to Senate Vote

chest

The long-awaited CLARITY Act is nearing its final procedural hurdle in the Senate, with a vote expected in May.

user avatarTomas Novak

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.