India urged to adopt clear Bitcoin strategy
Calls grow for a Bitcoin reserve pilot amid unclear crypto regulations and rising global digital asset adoption.
Pradeep Bhandari, spokesperson for India’s ruling Bharatiya Janata Party (BJP), has called for a pilot Bitcoin reserve as part of a strategic move to boost economic resilience. He cites the US’s Bitcoin reserves and Bhutan’s state mining as signs of global finance shifting to crypto.
India’s approach to crypto remains uncertain, with a 30% tax on virtual digital assets but no formal regulatory framework. Under current law, crypto profits are taxed flatly, and a 1% tax is deducted at source on transactions exceeding approximately $115.
Despite this, the lack of regulation has created ambiguity around crypto’s legal status.
Highlighting global developments, Bhandari notes that the US is actively expanding Bitcoin reserves, and three US states have authorised Bitcoin as a reserve asset. He says India’s renewable energy could support a clear Bitcoin strategy that boosts innovation and protects investors.
The BJP spokesperson says a Bitcoin reserve pilot could help India adopt digital assets legitimately and boost its global economic standing with clearer regulations.
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