India's Crypto Wake-Up Call: XRP Gets Legal Recognition

In a surprising turn of events, a court in India has declared that cryptocurrencies like XRP are considered property. This decision came after a user, Rhutikumari, challenged WazirX's decision to freeze her account, which held around $9, 400 worth of XRP. The exchange had proposed a plan to share the losses from a hack among all users, but Rhutikumari argued that this was unfair and violated her ownership rights. The court agreed with Rhutikumari, stating that digital assets like XRP are indeed property. This means that they can be owned, held in trust, and protected by law. The court also ordered WazirX to provide a bank guarantee and not to touch Rhutikumari's XRP until the matter is resolved. This ruling is a big deal for India's crypto market. It provides legal clarity and protection for investors, which could boost confidence and demand for cryptocurrencies like XRP. It also aligns India with other countries like the US, UK, and Singapore, which have also recognized crypto as property. However, this is just an interim ruling, so the final decision is still pending. But for now, it's a significant step forward for crypto in India. It's also a reminder for exchanges to review their terms of service and custody arrangements, as users' tokens are now considered protected property.