The government has said that trading in crypto assets is illegal after it announced taxing such transactions, just like winnings from gambling.

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“They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T V Somanathan said in an interview with Bloomberg Television. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races or bets and other speculative transactions.”

“Digital payments will be regulated, much like standard currency, by the Reserve Bank of India (RBI),” said Prime Minister Narendra Modi on Wednesday in a speech to workers of his Bharatiya Janata Party. “Such payments are more secure, efficient, and safe, and goes a long way towards paving the way for a global digital payments infrastructure.”