Cryptocurrency Ruling in India
A landmark ruling by the Madras High Court has declared cryptocurrency as 'property' under Indian law.
The court's decision, delivered by Justice N. Anand Venkatesh, confirms that cryptocurrencies can be owned, held in trust, and protected as legal property.
The case originated from a petition by an investor who had 3,532.30 XRP coins frozen after a cyberattack on WazirX, a major Indian cryptocurrency exchange.
- In July 2024, WazirX suffered a $234 million hack involving Ethereum and ERC-20 tokens.
- The investor's XRP holdings were not part of the stolen assets, but WazirX planned to redistribute all users' funds under its "socialisation of losses" plan.
Cryptocurrencies qualify as property under Indian law.
Author's summary: Court rules cryptocurrency as property in India.
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