New Delhi – In a significant ruling, the Orissa High Court has declared cryptocurrency trading and transactions legal in India, delivering a major boost to the country’s burgeoning crypto industry. The court also granted bail to Sandeep Chowdhury, the CEO of Yes World, who was arrested on charges of defrauding investors through a crypto-related Ponzi scheme.
The court’s decision on Tuesday dismissed claims that cryptocurrency activities are illegal in India, a stance that has been a point of contention for the industry. While the judgment offers much-needed clarity, it also highlights the urgent need for a comprehensive regulatory framework to protect investors and prevent fraudulent activities.
Despite the legal green light, the court cautioned investors to proceed with caution when investing in cryptocurrency-related ventures. The case against Yes World, accused of duping investors out of crores of rupees, remains under investigation.
The bail granted to Chowdhury has sparked debates about the effectiveness of regulatory oversight in the crypto space. Critics argue that stricter regulations are essential to curb fraudulent activities and safeguard investor interests.
As the crypto industry in India continues to evolve, the government faces increasing pressure to establish clear and enforceable rules to balance innovation and investor protection.