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Is Cryptocurrency Legal In India? Read What Union Minister Says

After Budget 2022 speech by Finance Minister Nirmala Sitharaman the fate of cryptocurrency is hanging with a lose rope. The biggest question is that whether it is legal or illegal in India.

Union Minister of State for Finance Bhagwat Karad said that cryptocurrency is not legal in Inida. Bhagwat is a member of Rajya Sabha, the upper house of Parliament.

On Saturday Bhagwat explained that neither RBI nor Union Government has given any recognition to cryptocurrencies in India. Due to which they are still not a legal tender. He further said that it doesn’t mean legal status of crypto will be this way. The future of the cryptocurrency cannot be discussed right now.

Last week Nirmala Sitharaman also gave a statement that was very similar to that of Bhagwat Karad. She said that right now government will take no action on crypto and it will neither legalize nor ban it. Government is seeking consultation and advice from different institutions on the matter.

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TV Somanathan Finance Secretary also said that crypto assets are not illegal in the country right now. But you should note that government does not encourage anyone to invest in it. He said, “They are in a grey area. They are not illegal. It’s not illegal to buy or sell crypto assets in India, and it continues to be not illegal.”

In Budget 2022 government said that it is going to charge tax of 30% on earnings of more than Rs 50 lakh made by crypto. The crypto industry is currently requesting the government to reconsider the decision to put a tax of 30% on crypto earnings.

A bill on cryptocurrency was to be discussed in the winter session of the Parliament but it was not taken up. This was because of sudden rise in cases of Covid in the country. Government is reworking the bill again and it might be discussed soon.

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Siddhant Baranwal

Siddhant is a Content Creator. He has been doing this for past three years and have managed to gain good attention of audiences for his work. He is an active reader and has huge respect for art and theatre.

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