Madras High Court Recognises Cryptocurrency As Asset - How You See This?

[TSen]

You might have heard about this historic event because my favourite channel and magazine covered this.

The whole story was simple:
Someone went to court regarding the Wazirx holding their 3k XRP since the hack, and the court said it recognizes crypto as a property that can be owned.

For anyone who wants to read the full article:
https://www.ndtv.com/india-news/madras-high-court-recognises-cryptocurrency-as-property-under-indian-law-9519596

How do you see this verdict guys? I mean at least it confirms the legality of crypto in India which has always been a grey area, despite being taxed lol.

[Bitcoin Smith]

Indian government itself recognized bitcoin and cryptocurrencies as asset based on the income tax act and the bill introduced in 2022 itself. So this new ruling is not a surprise and confirming what government said about crypto as VDA - Virtual Digital Asset. And status of crypto became legal from that point but people calling it as grey area due to the ignorance and bank freeze has nothing to do with the legal status here.

[TSen]

confirming what government said about crypto as VDA - Virtual Digital Asset. And status of crypto became legal from that point

In my understanding, virtual asset might be a new thing which is being created just after cryptocurrencies whereas "being property" inherits all the protection from the existing law which are applicable for our real estate properties and intellectual properties. I mean to say that we are moving one step further from VDA to property in terms of recognition of law.

people calling it as grey area due to the ignorance and bank freeze has nothing to do with the legal status here.

As of now, I am sure that no bank can freeze a bank account just because of involvement of cryptocurrencies still they can for the reason of any "suspicious activity".

[Cointikka]

Indian government itself recognized bitcoin and cryptocurrencies as asset based on the income tax act and the bill introduced in 2022 itself. So this new ruling is not a surprise and confirming what government said about crypto as VDA - Virtual Digital Asset. And status of crypto became legal from that point but people calling it as grey area due to the ignorance and bank freeze has nothing to do with the legal status here.

To encourage more engagement on this board, I've noticed that some topics being posted, like the one from the original poster, are quite frustrating. I remember a time when some of the top members shared discussions that challenged my understanding and intellect. I was not that active at that time, and I am not active now, yet such topics are sort of spam as per my understanding. Still, the OP got a few merits. Why?

[TSen]

@Cointikka
This topic may seem like spamming to you until you realize the differences between VDA and property.

[pawanjain]

You might have heard about this historic event because my favourite channel and magazine covered this.

The whole story was simple:
Someone went to court regarding the Wazirx holding their 3k XRP since the hack, and the court said it recognizes crypto as a property that can be owned.

For anyone who wants to read the full article:
https://www.ndtv.com/india-news/madras-high-court-recognises-cryptocurrency-as-property-under-indian-law-9519596

How do you see this verdict guys? I mean at least it confirms the legality of crypto in India which has always been a grey area, despite being taxed lol.

In this article they have mentioned that the Madras Court has declared Crypto as a property and determines its legality in India.
But crypto has already been legal in India since the government started collecting taxes on it.
The government already clarified that Indians can go ahead and trade crypto in India but cannot use it as a legal tender.
So I guess this news is just for taking a limelight.

[gibrab16]

Honestly, India already treats crypto like an asset when it wants to tax gains at 30%. This ruling just says out loud what was already implied. The real question is whether enforcement agencies and regulators will follow the same logic, or keep acting like crypto is illegal when it suits them.