Cryptocurrencies Not Legal Right Now, Says Union Minister Bhagwat Karad

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Union Minister Bhagwat Karad said on Saturday that cryptocurrencies are not legal in the country and nothing can be said at this time about what could happen in this segment in the future. The Reserve Bank of India and the Union government have not given any kind of recognition to cryptocurrencies and therefore they are not legal in the country at the moment, the Union minister of state for finance said. , who had come here to attend a function. reporters

Whether or not it will be legitimized in the future cannot be said, said the minister, who was responding to queries by Congress leader Chhaya Verma on the issue.

“There is information that some people have invested in CRYPTOCURRENCIES. Therefore, a 30 percent transaction tax (connected to them) has been proposed in the Union Budget,” Karad added.

When asked if fuel prices would rise after the elections in Uttar Pradesh, he said that the Center had cut gasoline and diesel prices by Rs. 5 and Rs. 10, respectively.

While BJP-ruled states followed suit and cut taxes on their side, many states did not, he added.

The price of gasoline in Maharashtra, which is governed by Maha Vikas Aghadi, is higher than retail rates in MP, which is a BJP-ruled state, Karad said.


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

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