Chennai: In a significant order, Madras high court has held that cryptocurrency can be treated as a property, which is capable of being enjoyed and possessed (in a beneficial form) and is capable of being held in trust.“In the Indian law regime, cryptocurrency is treated as a virtual digital asset, and it is not treated as a speculative transaction. This is in view of the fact that the investment made by the user is converted into cryptocurrency, which is capable of being stored, traded, and sold. Cryptocurrency is termed as a virtual digital asset and is governed under Section 2(47A) of the Income Tax Act,” Justice N Anand Venkatesh said on Friday.The court passed the order on a plea moved by Rhutikumari to restrain Zanmai Labs Pvt Ltd and its directors from interfering with the portfolio holding of the applicant to the tune of 3,532.30 XRP coins on the WazirX platform, either by redistribution, apportionment, or reallocation.
