Indian Court: Cryptocurrency trading cannot be considered illegal, approves bail for Yes World CEO

2024-08-04 09:20:25

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ChainCatcher news, according to Bitcoin.com, the Orissa High Court in India reiterated that cryptocurrency trading is neither prohibited nor considered illegal in India. The court granted bail to Yes World CEO Sandeep Chowdhury on the grounds that there is no official ban or illegal activity regarding cryptocurrency trading in the country. Chowdhury was previously detained for allegedly 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. Earnings from virtual digital assets (VDA) are subject to a 30% tax, and users cannot offset gains with losses like they can with stocks. Additionally, the 1% Tax Deducted at Source (TDS) on digital asset transactions further impacts traders.

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