Union Minister Bhagwat Karad Says Cryptocurrencies Aren’t Legal Right Now
Union Minister Bhagwat Karad on Saturday said cryptocurrencies are not legal in the country and nothing can be said at the moment about what might happen in this segment in the future. Reserve Bank of India and Union government have not recognized any cryptocurrencies and hence they are not legal in this country right now, Union Finance Minister who came here to attend a meeting, said the reporter.
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.
“It is reported that some people have invested in electronic money. Therefore, a 30% tax has been proposed on transactions (connected with them) in the Union Budget,” added Karad.
When asked if fuel prices will increase after the Uttar Pradesh election, he said the Center has reduced the price of petrol and diesel by Rs. 5 and Rs. 10, respectively.
While the BJP-ruled states have followed suit and cut taxes on their part, many have not, he added.
Karad said petrol prices in Maharashtra, ruled by Maha Vikas Aghadi, are higher than retail prices in MP, a state ruled by the BJP.
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.