Cryptocurrency is currently a gray area in India. It is neither legal nor illegal. A parliament member, India’s finance secretary, and the minister of finance have recently clarified the legal status of cryptocurrency in India.
Legal Status of Crypto in India
Following the finance minister’s announcement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly.
Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, India’s upper house of parliament, reportedly explained Saturday that cryptocurrency is not legal in India.
He told reporters that both the government and the central bank, the Reserve Bank of India (RBI), have not given any recognition to cryptocurrencies, therefore they are not legal in India right now.
However, he is not saying that the legal status of crypto will remain this way, emphasizing that what happens in the future regarding its legal status cannot be said at this time.
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