Union Minister Bhagwat Karad on Saturday said that cryptocurrency is not legal in the country and nothing can be said about what might happen in this segment in future. The Reserve Bank of India and the central government have not given any form of recognition to cryptocurrencies and hence, they are not legal in the country as of now, the Union Minister of State for Finance, who was here to attend a function, told reporters.
Responding to some questions put by Congress leader Chhaya Verma on the subject, the minister said that no one can say whether it will be legalized in future or not.
“There is information that some people have invested in cryptocurrency, Thus, 30 per cent tax on transactions (linked to them) has been proposed in the Union Budget,” Karad said.
Asked whether the fuel prices would increase after the elections in Uttar Pradesh, he said the Center has cut petrol and diesel prices by Rs. 5 and Rs. 10, respectively.
He said while BJP-ruled states on their part followed suit and cut taxes, many states did not.
Karad said the price of petrol in Maharashtra, which is governed by the Maha Vikas Aghadi, is higher than the retail rates in Madhya Pradesh, a BJP-ruled state.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, business advice or any kind of advice or recommendation given or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.
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