• 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

Arizona Files Criminal Charges Against Kalshi for Illegal Gambling

chest

Arizona has charged the crypto prediction market platform Kalshi with illegal gambling related to its sports and election markets.

user avatarJesper Sørensen

CFTC and DOJ Seek to Block Arizona's Gambling Enforcement Against Kalshi

chest

Federal regulators, including the CFTC and DOJ, are seeking to block Arizona's enforcement of gambling laws against the crypto prediction market platform Kalshi.

user avatarRajesh Kumar

Ethereum Developer Joe Schiarizzi Announces Congressional Run

chest

Ethereum developer Joe Schiarizzi announces his candidacy for the House of Representatives in Virginia's 7th district.

user avatarLucas Weissmann

North Korean IT Workers Reportedly Infiltrate DeFi Projects

chest

Researcher Taylor Monahan revealed that North Korean IT workers have infiltrated over 40 DeFi projects in the past seven years, raising alarms about their potential influence and risks to the crypto ecosystem.

user avatarEmily Carter

ZachXBT Exposes North Korean Crypto Payment Server

chest

Crypto detective ZachXBT has uncovered an internal payment server linked to North Korean crypto operations, revealing 390 accounts and chat logs.

user avatarFilippo Romano

Chainalysis Forecasts Stablecoin Transactions to Match Visa and Mastercard

chest

Chainalysis predicts that on-chain stablecoin transactions could reach parity with Visa and Mastercard transaction counts by 2031-2039.

user avatarKaterina Papadopoulou

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.