No problem with crypto in India if rules are obeyed, according to ministry

India's junior IT minister stated on Thursday that cryptocurrencies are legal in India if all regulations are obeyed, contradicting the central bank's advice to investors to avoid crypto.

India has attempted to regulate cryptocurrencies, with a central bank deputy governor even pushing for their prohibition, but the government has yet to pass laws.

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 difficulties posed by digital currencies would require a concerted 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.”

T. Rabi Sankar, a deputy governor of the Reserve Bank of India (RBI), stated in February that cryptocurrencies were similar to Ponzi schemes or worse, and that prohibiting them was the most prudent option for India.

In February, RBI Governor Shaktikanta Das stated that cryptocurrencies lacked the underlying value of even a tulip.

By fLEXI tEAM