Key Takeaways
- A BJP spokesperson is urging India to follow the U.S. and consider building a national Bitcoin reserve.
- Pradeep Bhandari cited Bhutan’s Bitcoin mining strategy as an example of how crypto can support economic stability.
- India still has no clear crypto regulation and imposes a steep 30% tax on digital assets.
India’s ruling party is facing growing calls to rethink its stance on Bitcoin (BTC), this time from within its own ranks.
As countries like the United States, Bhutan, and Pakistan move forward with crypto-friendly policies, BJP spokesperson Pradeep Bhandari says India risks falling behind.
In a blog post on Wednesday, Bhandari urged the government to explore launching a Bitcoin reserve pilot and start taking digital assets seriously as a strategic economic tool.
BJP Spokesperson Says It’s Time To Reevaluate Bitcoin
In his post, Bhandari pointed to recent U.S. policies as a model worth considering. Federal agencies and at least three U.S. states have already approved plans to hold Bitcoin, either directly or by repurposing confiscated assets.
“This isn’t a reckless pivot,” Bhandari wrote. “It’s a calculated step toward embracing the legitimacy of digital assets.” He argued that India needs to be proactive in diversifying its reserves and building economic resilience in a volatile global climate.
He also highlighted Bhutan’s early embrace of Bitcoin mining using hydropower, noting that India has the renewable energy capacity to do the same. Bhutan’s success, he said, “suggests digital assets can stabilize economies—a point worth considering.”
India’s Bitcoin Reserve Plan Faces Major Hurdles
Despite growing momentum globally, India’s path to adopting a Bitcoin reserve is full of roadblocks.
The Reserve Bank of India has been consistently wary of crypto, warning that it could undermine the country’s financial sovereignty.
And while officials have promised a regulatory framework for years, there’s still no discussion paper, let alone legislation, on the table.
Meanwhile, the U.S. is pushing forward with landmark crypto bills, with bipartisan support. In India, high taxes and unclear rules continue to frustrate investors and builders alike.
Bhandari is far from the only political figure calling for change, but so far, there’s little sign the government is ready to listen. Whether growing global adoption will finally force India’s hand remains to be seen.
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