India’s crypto market gets a boost from THIS court ruling

  • High Court’s ruling confirms cryptocurrencies are not illegal under Indian law.
  • Rising crypto popularity underscores the need for effective regulation to protect investors globally.

As a seasoned crypto investor, I find the High Court’s ruling in India a significant development for the community in that country. The clarification on cryptocurrencies not being considered illegal under Indian law brings much-needed judicial clarity and legitimacy to an otherwise gray area.

As a legal analyst, I’d like to bring your attention to a recent High Court judgment in India that could potentially have significant consequences for Indian crypto asset holders.

As a researcher studying Indian law, I’ve come across an interesting ruling regarding cryptocurrency transactions. In a recent case where individuals were charged with running a Ponzi scheme, the court determined that carrying out such transactions does not violate Indian law. This decision sheds light on the legal ambiguity surrounding digital currencies in India and emphasizes the importance of ongoing investigations into their regulatory framework.

Judicial clarity

In a recent ruling, Justice Sasikanta Mishra of the Orissa High Court clarified that cryptocurrencies do not match the description of “money” as defined in India’s Prize Chits and Money Circulation Schemes (Banning) Act.

Under the Odisha Protection of Depositors’ Interests Act, investments in cryptocurrencies made by the public do not qualify as deposits.

Justice Mishra in his ruling said,

Simplifying this, “Merely trading or using cryptocurrencies does not constitute any form of illegality. Consequently, such activities do not fall under the purview of the Offenses against Property Act, 1984 (OPID Act).”

Crypto adoption on the rise

This choice underscores a wider international development, as cryptocurrencies gain more recognition and integration into traditional financial systems.

Echoing similar sentiments, Kashif Raza, Founder of Bitmining, noted

India’s crypto market gets a boost from THIS court ruling

Based on a recent Statista survey conducted worldwide, India is among the top three nations with the highest proportion of individuals reporting ownership or usage of cryptocurrencies.

India’s crypto market gets a boost from THIS court ruling

This survey encompassed 56 countries and territories, reflecting trends from 2019 to 2024.

Is lack of regulation an issue?

With the rising use of cryptocurrencies comes an increased occurrence of deceitful practices in the digital currency market. Consequently, stringent regulation is essential to shield investors from falling prey to Ponzi schemes, misleading Initial Coin Offerings (ICOs), phishing scams, and other forms of fraudulent activities.

Echoing similar sentiments, India’s Minister of State Finance, Pankaj Chaudhary said,

“The nature of crypto assets being borderless necessitates international cooperation to avoid regulatory loopholes. Consequently, any legislative action concerning them would be most impactful through substantial international coordination on assessing risks, advantages, and establishing a shared vocabulary and guidelines.”

Is the crypto market booming or bleeding?

As an analyst, I’ve observed that the cryptocurrency market remained relatively stable over the past day. The total cryptocurrency market capitalization hovered around $2.44 trillion according to CoinMarketCap, representing a modest 0.30% decrease in value compared to the previous day.

The significant cryptocurrencies, including Bitcoin (BTC), Solana (SOL), Ripple (XRP), Dogecoin (DOGE), among others, showed decreases in their daily price charts with red candlesticks.

As a market analyst, I have observed that despite the volatile market conditions, certain altcoins such as Ethereum [ETH], Shiba Inu [SHIB], and Uniswap [UNI], have shown signs of bullish sentiment.

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2024-06-14 21:11