Despite the Indian FM’s announcement to tax cryptocurrency income, many are confused about whether crypto is now legal or legitimate in the country.
On Saturday, the Union Minister of State for Finance, Bhagwat Karad, reportedly said that cryptocurrencies are not yet legal in India because the Reserve Bank of India (central bank) has not given any recognition to cryptocurrencies.
However, a while back, Finance Secretary, Mr. Somanathan, said that cryptocurrencies are not illegal as of now.
Both the comments are from top government officials, which puts the whole narrative of “if crypto assets are legal or not” in the gray area. While citizens are confused about the legal status of cryptocurrencies, it’s clear that the government is going to impose a 30% tax on income from cryptocurrencies.
Reportedly, the government is now reworking the cryptocurrency bill, which is expected to clarify doubts on the legality of crypto assets in India.
In the other part of the world, the Governor of the Hungarian Central Bank, György Matolcsy, has recommended an outright ban on crypto-related services like mining and trading across the European Union. His response aligns with the comments from the Russian Central Bank on the ban of cryptocurrencies.
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