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India's Orissa High Court: Cryptocurrency trading is not illegal

The High Court of the Indian state of Orissa has issued an important ruling that clarifies the legal status of cryptocurrency transactions under Indian law. The ruling stems from a case involving individuals accused of fraud through a Ponzi scheme. Judge Sasikanta Mishra clarified that cryptocurrencies are not considered money and cryptocurrencies are not considered deposits, so pure cryptocurrency transactions do not constitute crimes under the relevant laws.