Indian Finance Minister: India will not legalize or ban cryptocurrencies at this stage

India’s finance minister revealed the current state of India’s cryptocurrency policy, including whether cryptocurrencies will be legalized or banned in the country.

Questions surrounding the legality of cryptocurrencies have been raised in parliament after the government announced a 30 percent tax on income from cryptocurrency transactions. Indian Finance Minister Nirmala Sitharaman clarified on Friday that the government has not yet made a decision on legalizing or banning cryptocurrencies.

During last week’s budget speech, the finance minister announced that cryptocurrency income would be subject to a 30 percent tax. This taxation scheme has led many to believe that the Indian government has legalized cryptocurrencies. India’s finance minister also said whether cryptocurrencies are “legal or not, that is a different question, but will be taxed because taxation is a sovereign right.