The High Court of Odisha state in India has reiterated that cryptocurrency trading is neither prohibited nor illegal in India. The court granted bail to Sandeep Chowdhury, CEO of Yes World, on the grounds that there is no official ban or illegal activity against cryptocurrency trading in the country. Previously, Chowdhury was detained on suspicion of deceiving investors through a Ponzi scheme or multi-level marketing plan disguised as a cryptocurrency business.
Although India currently lacks specific cryptocurrency regulations, the government imposes heavy taxes on cryptocurrency trading. The earnings from virtual digital assets (VDA) are subject to a 30% tax, and users cannot offset their profits with losses like they can with stocks. In addition, the 1% withholding tax (TDS) on digital asset transactions further affects traders.
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Indian court reiterates that cryptocurrency trading cannot be deemed illegal, grants bail to Yes World CEO
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