Direction: In the question given below, a passage is given followed by some statements. Read the passage and answer the following question.

Cryptocurrencies are unregulated in India but in Budget 2022, the government announced a flat 30 percent tax on gains from cryptocurrency transactions as well as a tax deducted source (TDS) of 1 percent. But according to RBI, it should be banned. The government believes that till legislation is formed around it, it should be taxed. Taxation should not be given up, which is why the Budget announced the taxes. The FSB report would help in addressing this issue, whether crypto should be banned in India or not. Banning it just in India would keep the grounds open for transactions through wallets that are cross-border in nature.

Which of the following statement is not true according to the passage?

I) Cryptocurrency is illegal in India.

II) In the next budget the taxation would be removed for cryptocurrencies.

III) Cryptocurrency has the potential to increase crime in society.