The government has said that cryptocurrencies are not legal in India from now on
Union Minister Bhagwat Karad on Saturday said that cryptocurrencies are not legal in the country and that it is currently impossible to say anything about what might happen in this segment in the future.
The Reserve Bank of India (RBI) and the union government have not recognized any cryptocurrencies and hence, they are not legal in the country right now, the Finance Minister, told the reporter in Indore.
One cannot say whether it will be legalized in the future, said the minister, who was answering several questions from Parliament leader Chhaya Verma on the subject.
“There are reports that some people have invested in cryptocurrencies. Therefore, a 30% tax has been proposed on transactions (connected with them) in the union budget,” added Mr Karad.
When asked if fuel prices will increase after the election in Uttar Pradesh, he said the Center has reduced petrol and diesel prices by Rs 5 and 10 respectively.
While the BJP-ruled states have followed suit and cut taxes on their part, many have not, he added.
Mr. Karad said petrol prices in Maharashtra, ruled by Maha Vikas Aghadi, are higher than retail prices in MP, a BJP-ruled state.
