Madras High Court Recognizes XRP as Property in Landmark Ruling
- The Madras High Court ruled that cryptocurrencies like XRP are “property capable of being possessed and held in trust” under Indian law.
- The case involved Rhutikumari, whose WazirX account containing 3,532.30 XRP (approximately $9,400) was frozen following a hack that resulted in the theft of about $235 million.
- As interim relief, the court ordered WazirX to provide a bank guarantee of around $11,500 and prohibited reallocating Rhutikumari’s XRP until the matter is resolved.
- This ruling aligns India with jurisdictions like the US and Singapore that recognize crypto assets as property for legal purposes.
- The court emphasized that it retained jurisdiction over the case due to Rhutikumari’s use of an Indian bank account for transactions on WazirX.
This ruling provides crucial legal clarity for cryptocurrency holders in India, establishing ownership rights over digital assets like XRP and potentially boosting investor confidence in the market.
With this decision, cryptocurrencies are now recognized as legally protected property in India, marking a significant shift for investors holding assets such as XRP worth approximately $9,400.(Source)
