Cryptocurrencies Not Legal Right Now, Says Union Minister Bhagwat Karad

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 here to attend a function, told reporters.

One can't say if it would be legitimized or not in the future, said the minister, who was replying to some queries made by Congress leader Chhaya Verma on the subject.

“There is information that some people have invested in cryptocurrencies. Thus, 30 percent tax has been proposed on transactions (connected to them) in the Union Budget,” 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 Rs. 5 and Rs. 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.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.