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
Transforming the NFT Marketplace: Magic Eden's Buyback Program

Magic Eden's new buyback program is set to transform the operational model of NFT marketplaces by enhancing trust among creators and collectors.

Magic Eden Launches Innovative Ordinals Buyback Program

Magic Eden has launched an Ordinals buyback program, committing 15% of trading fees to purchase Ordinals for its treasury, aiming to enhance the Bitcoin NFT ecosystem.

Regulatory Support for Bitcoin Intermediation by Banks

The OCC's recent interpretive letter legitimizes Bitcoin intermediation by banks, allowing them to engage in Bitcoin-related activities without the need for asset holdings on their balance sheets.

Remittix Aligns with Global Payment Modernization Trends

Remittix aligns with global payment modernization trends by transitioning to live settlement execution for faster and more reliable cross-border payments.

Remittix Shifts Focus to Continuous Payment Flow Validation

Remittix shifts focus to continuous payment flow validation to ensure reliable payment execution under real conditions.

Ethereum Technical Analysis Reveals Key Levels

Technical indicators for Ethereum suggest major resistance at $3,080 and support at $2,920. Traders are advised to monitor these levels closely for potential price movements.

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