Indian Politician Proposes Bitcoin Reserve Pilot
Pradeep Bhandari, a spokesperson for India’s ruling BJP party, has proposed a Bitcoin reserve pilot to strengthen economic resilience. The move aligns with global trends in cryptocurrency adoption. Currently, India taxes crypto profits at 30% and imposes a 1% TDS on transactions exceeding $115, yet lacks a clear regulatory framework.
The Need for Crypto Regulation in India
India’s cryptocurrency market operates in a gray area. While the government taxes crypto transactions, the absence of regulation creates uncertainty. Bhandari argues that clear rules would protect investors and encourage innovation.
Global Momentum in Crypto Adoption
Countries like the US, Russia, and China are rapidly advancing their crypto strategies. The US, for example, is expanding its Bitcoin reserves. India, with its growing renewable energy sector, could leverage this for sustainable crypto initiatives.
Next Steps for India’s Crypto Strategy
A sovereign Bitcoin reserve could be India’s first step toward becoming a leader in digital assets. Bhandari suggests starting with a pilot project to assess feasibility. This approach balances innovation with economic stability.
