India’s junior IT minister said that cryptocurrencies are legal in India if all regulations are followed, contradicting the central bank’s advice to investors to avoid crypto.
India has tried to regulate cryptocurrencies, with a central bank deputy governor even pushing for their ban, but the government has yet to formulate legislation.
The government established a taxation structure for cryptocurrencies in the last budget, and Prime Minister Narendra Modi stated at the World Economic Forum last year that dealing with the challenges posed by digital currencies would require a collective global effort.
Junior IT minister Rajeev Chandrasekhar, speaking at an event in the southern city of Bengaluru, said: “There is nothing today that outlaws crypto as long as you follow the legal process.”
But in Febraury, a deputy governor of the Reserve Bank of India (RBI), T. Rabi Sankar, said cryptocurrencies were akin to Ponzi schemes or worse and banning them was the most sensible option for India.