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Cryptocurrencies are not yet legal in India, according to Union minister

On Saturday, Union minister Bhagwat Karad stated that cryptocurrencies are illegal in India and that their future is unknown.

A proposal to levy a 30% tax on cryptocurrency income was seen by many investors. Then, and exchanges as a step toward legitimizing the industry.

Last Friday, however, Finance Minister Nirmala Sitharaman reiterated that taxing cryptocurrency does not make it legal. The, and that the government has the sovereign right to tax income obtained by legal or illicit means.

T.V. Somanathan, the finance secretary, stated on Feb. 2 that taxing cryptocurrency is similar to taxing gambling, and that legality is still a fuzzy issue.

Both Karad and Sitharaman stated that no decision has been made on whether or not to prohibit or legalize cryptocurrency in the country. Thereby, casting doubt on the expectations of investors and exchanges.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.