A spokesperson for India's ruling party Bharatiya Janata Party (BJP) has called on the country to consider launching a Bitcoin reserve pilot, which he believes would be a strategic step toward economic resilience.
Opportunities for India in the Crypto Sector
Pradeep Bhandari, a BJP spokesperson, noted in an article for India Today that the strategic Bitcoin reserves in the U.S. and state-led mining operations in Bhutan indicate a shift in global finance toward cryptocurrency. He believes that India's growing renewable energy infrastructure positions it to develop its own Bitcoin strategy.
"This isn’t a reckless pivot," Bhandari wrote. "It’s a calculated step toward embracing digital assets’ legitimacy."
Taxation of Crypto Assets in India
India’s tax policy on cryptocurrency remains uncertain. Bhandari pointed out that crypto is heavily taxed in the country, yet remains unregulated. The government has implemented a flat 30% tax rate on virtual digital assets like Bitcoin and Ether. However, a regulatory framework for digital currencies is still lacking.
Prospects of Reserve Launch and Its Significance
The politician articulated that India's path forward should include regulatory clarity, starting with a sovereign Bitcoin reserve initiative. He added that clear regulation could bring transparency and oversight to the emerging asset class, fostering innovation while protecting investors. "India stands at a pivotal juncture," Bhandari wrote. "A measured Bitcoin strategy—perhaps a reserve pilot—could strengthen economic resilience and project modernity."
Initiatives to launch Bitcoin reserves in India could significantly impact the future development of the country's crypto industry and strengthen its economy on the international stage.
