Recently India has passed a crypto bill to tax crypto income by 30% but at the same time claiming that taxing cryptos doesn't make them legal and states it's country's sovereign right to tax crypto and this atrocity doesn't stop here as they have mentioned that the decision about banning crypto or legalizing it will taken after further consultation.
Let me clear that for you! The Finance Minister said that taxing crypto doesn't mean that it will become legal. She meant, taxing crypto will not make it a legal tender, i.e, cryptos can't be used against products and services. Otherwise, how can several crypto exchanges are working in the country? Most of them are above 1 billion USD valuation.
The government was clear enough from the very beginning, that crypto will never become a legal tender. We are worried because the government could have banned crypto altogether. But instead they have just taxed it. So it's a positive step forward. Now this tax is just a proposal in the budget. Now the proposal will go to parliament, drafted as a law, passed by the speaker and signed by the president. A long way to go!