Justice N Anand Venkatesh explained that cryptocurrencies are identifiable, transferable, and controlled exclusively through private keys, making them a kind of property.
The Madras High Court has ruled on Saturday that cryptocurrency counts as property under Indian law. This means people can own it and even hold it in trust. Justice N Anand Venkatesh said that although cryptocurrencies are not physical objects or legal currency, they still have all the main features of property.
“There can be no doubt that ‘crypto currency’ is a property. It is not a tangible property nor is it a currency. However, it is a property, which is capable of being enjoyed and possessed (in a beneficial form). It is capable of being held in trust,” the Court said.
Justice Venkatesh explained that cryptocurrencies are identifiable, transferable, and controlled exclusively through private keys, making them a kind of property. He also cited Section 2(47A) of the Income Tax Act, 1961, which recognises cryptocurrencies as “virtual digital assets.” The Court noted: “In Indian law regime, the crypto currency is treated as a virtual digital asset and it is not treated as a speculative transaction.”
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