The High Court of the Indian state of Orissa has reiterated that cryptocurrency trading is neither banned nor considered illegal in India. The court granted bail to Sandeep Chowdhury, CEO of Yes World, on the grounds that there is no official ban or illegal act against cryptocurrency trading in the country. Chowdhury was previously detained for allegedly defrauding investors through a Ponzi scheme or multi-level marketing scheme disguised as a cryptocurrency business. Although India currently lacks specific cryptocurrency regulations, the government imposes heavy taxes on cryptocurrency transactions. Gains from virtual digital assets (VDA) are subject to a 30% tax, and users cannot offset gains with losses like stocks. In addition, the 1% withholding tax (TDS) on digital asset transactions further affects traders.