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
Shiba Inu Faces Resistance at Key Level

Shiba Inu is currently facing resistance near 0.000000892, indicating potential selling pressure.

Zcash Trust Registration Submitted for Institutional Investors

Zcash Trust registration submitted by Grayscale to attract institutional investors and launch ZEC ETPs.

Binance Introduces Prestige Service for Ultra High Net Worth Investors

Binance has launched Prestige, an exclusive service for ultra high net worth individuals and institutions with over $10 million in crypto assets, offering bespoke portfolio management and priority access to new products.

BlockDAG Presale Raises Over $430 Million

BlockDAG has gained significant attention as a new Layer 1 project, successfully raising over $430 million in its presale.

Arthur Hayes Predicts Bitcoin Stabilization Around 80K

Arthur Hayes believes Bitcoin has found strong support around the 80K mark, indicating a potential new phase in the bull market.

Pi Network Set for Major Upgrade to Enhance Ecosystem

Pi Network announces a major upgrade scheduled for November 28, aimed at enhancing the ecosystem and sustaining user engagement.

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