As a long-time crypto investor, I’m thrilled to hear about the recent decision by the Orissa High Court in India. This ruling has the potential to bring much-needed clarity and legitimacy to the crypto space in India, which has been shrouded in uncertainty due to skepticism from the central bank and government.
In a groundbreaking decision, an Indian High Court determined that simply engaging in cryptocurrency transactions is not considered a criminal act and chose not to classify cryptocurrencies as “money” according to current financial regulations.
On June 12th, the Orissa High Court in Odisha, India, decided that advocating for cryptocurrency investments is not considered an unlawful act. This statement was made during the granting of bail to two individuals who had been taken into custody by the police due to allegations involving a Ponzi/Pyramid scheme. In this case, the accused were accused of urging investors to deposit funds into Yes World Token via the creation of trust wallets.
The decision handed down by the Orissa High Court may significantly alter the cryptocurrency scene in India, which has been clouded by doubt from the central bank and administration. India has declined to recognize crypto assets as legal tender and imposed a burdensome 30% tax on any income derived from crypto versus the Indian rupee. The crypto community in India remains optimistic that during the third term of Prime Minister Narendra Modi and second term of Finance Minister Nirmala Sitharaman, there may be easing of local regulations regarding cryptocurrencies.
A sole judge presided over Orissa High Court, which is Justice Sasikanta Mishra, issued the ruling. He granted bail to two individuals who were charged under different provisions of the Indian Penal Code and the Odisha Protection of Interests of Depositors Act (OPID Act). The police alleged that these accused persons had enticed investors with promises of substantial returns based on Yes World Token investments.
According to Justice Mishra’s ruling, as reported by The New Indian Express, the defendant can be seen as having tried to persuade people to invest in crypto currency – Yes World Token. However, there is no documentation proving that they deceived anyone into handing over their property to them. In simpler terms, there is no proof that any money was transferred from individuals to the defendant.
The crucial difference in this case enabled the rejection of allegations brought forth under Section 420 of the Indian Penal Code (IPC). This section deals with deceit and fraudulent intentions.
Additionally, the judicial body made it clear that allegations of financial crimes like forgery (as per Sections 467, 468, and 471 of the Indian Penal Code) were unfounded. No proof of document alteration or manipulation was presented in court.
India consistently advocates for a worldwide regulatory structure regarding nascent technologies such as blockchain and decentralized applications, which underpin cryptocurrencies. The recent decision made by the Orissa High Court is anticipated to serve as a precedent in future legal disputes concerning cryptocurrencies within India. This development brings optimism to the Indian crypto community.
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2024-06-14 14:45