According to PANews, the High Court of Odisha in India has reiterated that cryptocurrency trading is neither prohibited nor considered illegal in the country. The court granted bail to Yes World CEO Sandeep Chowdhury, citing the absence of an official ban or illegal status for cryptocurrency transactions in India. Chowdhury had been detained on allegations of defrauding investors through a Ponzi scheme or multi-level marketing plan disguised as a cryptocurrency business.Despite the lack of specific cryptocurrency regulations in India, the government imposes heavy taxes on cryptocurrency transactions. Gains from virtual digital assets (VDAs) are subject to a 30% tax, and users cannot offset gains with losses as they can with stocks. Additionally, a 1% tax deducted at source (TDS) on digital asset transactions further impacts traders.
