Cryptocurrency dealing not offence under OPID Act: Orissa HC

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“The accused can only be said to have attempted to convince members of the public to trade in crypto currency – Yes World Token. There is nothing on record to show that they had dishonestly induced any person to deliver any property to them. In other words, there is no evidence whatsoever of any money being transferred from any person to the accused. The methodology adopted being person to platform, it cannot be said that the accused had cheated any person particularly in view of the fact that any amount invested by any person remains secure in his or her trust wallet”, Justice Mishra observed.

The judge further said, “Thus, the offence under section 420 does not appear, prima facie, to be made out. There is no evidence that any documents, records etc. were forged, manipulated, manufactured etc. so as to attract the offences under section 467/468/471 of IPC.”

A crypto currency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that crypto currencies function both as a currency and as a virtual accounting system. To use crypto currencies, one needs a crypto currency wallet.