Madras High Court has accepted that Crypto Currency will now be considered “property” under Indian law. This means that digital coins like Bitcoin, Ethereum or Ripple can now be bought, sold, gifted or kept in trust – just like any land, shares or gold. The Court clearly said – Legally, “property” means a set of rights that are guaranteed and protected by law. Anything that has value or that can enhance one’s economic status — is property. This case was related to the WazirX Platform, where a user lost 3,532.30 They were frozen after. The Court said – These coins are the property of the petitioner and there will be no interference in them until the matter is resolved. This decision is in line with the legal thinking not only in India, but also in the US, New Zealand and many other countries, where Crypto has been given the status of “Asset”. Is this the first step towards legalizing Crypto in India?
Madras High Court gave legal status to Crypto Currency. Money Live | Madras High Court grants legal status to Crypto Currency
