An Indian court has reaffirmed that cryptocurrency trading cannot be considered illegal, granting bail to Yes World CEO
The High Court of the Indian state of Odisha has reiterated that cryptocurrency trading is neither prohibited nor considered illegal in India. The court granted bail to Sandeep Chowdhury, CEO of YesWorld, on the grounds that there is no official ban or illegal act against cryptocurrency trading in the country. Chowdhury was previously detained on suspicion of defrauding investors through a Ponzi scheme or multi-level marketing scheme disguised as a cryptocurrency business.
Although India currently lacks specific cryptocurrency regulations, the government imposes heavy taxes on cryptocurrency transactions. Gains in virtual digital assets (Vdas) are subject to a 30% tax, and users cannot offset gains with losses as they can with stocks. In addition, the 1% withholding tax (TDS) on digital asset transactions further impacts traders. (PANews)