- Indian court unexpectedly declares cryptocurrency transactions legal.
- Ruling contradicts the government’s strict stance and 30% tax on crypto.
- Verdict clarifies crypto’s legal status but may not align with the government’s view.
In a landmark decision that has raised a few eyebrows within India’s financial and regulatory sectors, an Indian state high court has ruled that cryptocurrency transactions are legal under Indian law.
This unexpected verdict, which stems from a case involving alleged fraud in a Ponzi scheme, directly contradicts the Indian government’s stringent stance on cryptocurrencies and its imposition of a 30% tax on crypto trades.
The central legal question was whether cryptocurrency-related activities could be considered offenses under the Prize Chits and Money Circulation Schemes (Banning) Act and the Odisha Protection of Interests of Depositors Act (OPID).
Justice Mishra, presiding over a single-judge bench, determined that cryptocurrency does not constitute as money as per these acts. Consequently, transactions involving cryptocurrencies are not illegal under these laws.
The case centered on two individuals accused of operating a f…
The post India’s Crypto Shocker: Court Says Legal, But Government Still Hates It appeared first on Coin Edition.