- The Orissa High Court in India has granted bail to the CEO of Yes World
- The court also highlighted that cryptocurrency trading and transactions are not illegal
The Orissa High Court in India, Justice Aditya Kumar Mohapatra, presiding over a single-judge bench, has confirmed that cryptocurrency trading and transactions are not illegal and granted bail to Sandeep Chowdhury.
What Exactly Is Behind the Court’s Decision?
Sandeep Chowdhury, CEO of Yes World, was released on bail by a court accused of a multi-layered fraud scheme, or Ponzi, with investors through the cryptocurrency business.
However, the Orissa High Court in India confirmed that cryptocurrency trading is a nationwide phenomenon and its transactions are not illegal, citing the Supreme Court of March 4, 2020, which confirmed that the Reserve Bank of India (RBI) has not banned cryptocurrency and does not yet have a specific regulation on it.
This court on a careful analysis of facts and materials on record is of the view that trading or transacting in cryptocurrency has not been declared illegal as of now in the country either by the government of any statutory authority. Therefore, mere trading in cryptocurrency cannot be held to be illegal at this juncture.
Conclusion
The only thing that is settled is taxes. As of now, India’s Virtual Digital Asset (VDA) profits are taxed at 30%, and there is a 1% tax deducted at source (TDS) on digital asset transactions.
