Indian Court Reaffirms Legality of Cryptocurrency, Grants Bail to Yes World CEO
Justice Aditya Kumar Mohapatra, presiding over a single judge bench, granted bail to Chowdhury on July 30, stating that there is no official ban or illegality regarding cryptocurrency trading in the country
Orissa High Court Reaffirms Legality of Cryptocurrency in India
The Orissa High Court in India has reiterated that cryptocurrency trading and transactions are neither banned nor deemed illegal in India. Citing the legality of crypto, the court granted bail to Sandeep Chowdhury, CEO of Yes World, who was accused of defrauding investors through a Ponzi scheme disguised as a cryptocurrency business.
Justice Aditya Kumar Mohapatra, presiding over a single judge bench, granted bail to Chowdhury on July 30, stating that there is no official ban or illegality regarding cryptocurrency trading in the country. Chowdhury was detained for allegedly defrauding investors through a Ponzi or multi-level marketing scheme disguised as a cryptocurrency business.
Justice Mohapatra emphasized on Tuesday that trading or transacting in cryptocurrency has not been declared illegal as of now in the country either by the government or any statutory authority. Therefore, mere trading in cryptocurrency cannot be held to be illegal at this point. He also highlighted that cryptocurrency is a nationwide phenomenon in India, as confirmed by a Supreme Court judgment on March 4, 2020, which confirmed that the central bank, the Reserve Bank of India (RBI), has not banned virtual currency and the government has yet to make a decision on the regulation of crypto.
