Indian Parliament Member Clarifies Legal Status of Cryptocurrency – Regulation Bitcoin News - BitcoinEthereumNews.com
Cryptocurrency is currently a gray area in India. It is neither legal nor illegal. A parliament member, Indias finance secretary, and the minister of finance have recently clarified the legal status of cryptocurrency in India.n Legal Status of Crypto in India Following the finance ministers anouncement to tax cryptocurrency income, the question of whether crypto is now legal or legitimate in India has come up repeatedly. Union Minister of State for Finance Bhagwat Karad, a member of Rajya Sabha, Indias upper house of parliament, reportedly explained Saturday that cryptocurrency is not legal in India. He told reporters that both the government and the central bank, the Reserve Bank of India (RBI), have not given any recognition to cryptocurrencies, therefore they are not legal in India right now. However, he is not saying that the legal status of crypto will remain this way, emphasizing that what happens in the future regarding its legal status canot be said at this time. Minister Karads statement echoes one made by the Indian finance minister, Nirmala Sitharaman, last week. She said the government is not going to legalize or ban cryptocurrency at this stage, stressing that the decision of whether to ban crypto will come after she receives input from various