Are Cryptocurrencies legal in India right now? Here is TRUTH

Cryptocurrencies are not legal right now, says Union Minister Bhagwat Karad.

An advertisement displays a Bitcoin cryptocurrency token at a subway station in Hong Kong, China, on Thursday, Feb. 10, 2022. Employees all over the world are opting to get paid in cryptocurrencies, though they're still in a small minority, according to global payrolls and hiring company Deel.�Photographer: Paul Yeung/Bloomberg (Bloomberg)

 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 to Indore to attend a function, told reporters. One can't say if it would be legitimized or not in the future, said the minister. 

“There is information that some people have invested in cryptocurrencies. Thus, 30 per cent tax has been proposed in the Union Budget on cryptocurrency gains," 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 ₹5 and ₹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.