Cryptocurrencies Not Legal Right Now, Says Union Minister Bhagwat Karad

The minister said the Reserve Bank of India and the government have not given any sort of recognition to cryptocurrencies.

By Press Trust of India | Updated: 12 February 2022 18:41 IST

Cryptocurrencies Not Legal Right Now, Says Union Minister Bhagwat Karad

Photo Credit: Unsplash/ Ewan Kennedy

The minister was responding to a query on whether cryptocurrencies would be legalised in India

Highlights

The government and RBI have not recognised cryptocurrencies
The minister did not specify if cryptocurrency could be legalised
The recent 30 percent tax is due to investment in cryptocurrency

Union Minister Bhagwat Karad on Saturday said cryptocurrencies are not legal in the country and nothing could be said at present about what could happen in this segment in the future. The Reserve Bank of India and the Union government have not given any sort of recognition to cryptocurrencies and, therefore, they are not legal in the country right now, the Union minister of state for finance, who had come here to attend a function, told reporters.

One can't say if it would be legitimized or not in the future, said the minister, who was replying to some queries made by Congress leader Chhaya Verma on the subject.

“There is information that some people have invested in cryptocurrencies. Thus, 30 percent tax has been proposed on transactions (connected to them) in the Union Budget," Karad added.

Asked whether fuel prices would rise after the elections in Uttar Pradesh, he said the Centre had cut prices on petrol and diesel by Rs. 5 and Rs. 10, respectively.

While BJP-ruled states followed suit and cut taxes from their side, many states did not, he added.

The price of petrol in Maharashtra, which is ruled by the Maha Vikas Aghadi, is higher than retail rates in MP, which is a BJP-ruled state, Karad said.

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