On Saturday, Union Minister Bhagwat Karad said that cryptocurrencies are not legal in the nation and that it was impossible to predict what would happen in this sector in the future, according to Reuters. The Reserve Bank of India and the Union government have not granted any recognition to cryptocurrencies.
As a result, they are not legal in the country, according to the Union minister of state for finance, who was in the country to attend a function at the time of the announcement.
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According to the minister, it is impossible to predict whether it would be legal or not in the future, who was responding to some questions on the matter from Congress leader Chhaya Verma.
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“There is information circulating that certain individuals have made cryptocurrency investments. Consequently, in the Union Budget, a 30 per cent tax on transactions (related to them) has been suggested,” Karad continued. “
When asked whether fuel costs will increase after the polls in Uttar Pradesh. For which he said that the Centre had reduced the price of petrol and diesel by Rs. 5 and Rs. 10, respectively, after the elections.
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While BJP-ruled states followed suit and reduced taxes on their own, many other states did not, according to him. According to Karad, the retail price of gasoline in Maharashtra, which the Maha Vikas Aghadi governs, is higher than the retail price of gas in MP, which the Bharatiya Janata Party manages.
