As the US has launched a Strategic Bitcoin Reserve, valued at above $20 billion, India’s crypto landscape is abuzz with possibility. India’s Ruling Party spokesperson, Pradeep Bhandari, has ignited a heated debate, suggesting that India could benefit from adopting a BTC reserve. In an India Today article, the BJP leader shared his personal views, directing the government’s attention towards its advantages.
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BJP Leader Urges to Establish a BTC Reserve
In a recent India Today article, Pradeep Bhandari, a journalist and Bharatiya Janata Party leader, expressed his personal opinions on the vast opportunities for India in exploring a Bitcoin Reserve. Reflecting on the global trend of adopting a crypto reserve, the politician underscored the significance of a renewed financial policy in India.
Bhandari’s article came just five days after the US State of Texas signed the Bitcoin Reserve bill into law. The US introduced the BTC Reserve bill in January after Donald Trump’s inauguration as the 47th President. Soon, global powers began reconsidering their financial strategies, contemplating the inclusion of BTC in their reserves. As CoinGape reported earlier, countries like Pakistan are planning to introduce a BTC reserve.
In his article, the BJP leader asserted that India’s financial policy must evolve to keep pace with global developments, ensuring financial growth and prosperity. He noted,
India stands at a pivotal juncture. A measured Bitcoin strategy—perhaps a reserve pilot—could strengthen economic resilience and project modernity. As the US advances and nations like Bhutan adapt, India has a unique opportunity to lead.
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Clear Crypto Regulation Needed
Notably, India is among the nations with a skeptical outlook on cryptocurrency. The country’s stance on crypto has been evolving, marked by caution and exploration. From the RBI’s 2013 advisory against cryptocurrency to the 2018 ban, the government’s approach has been inconsistent.
While the finance ministry once called crypto a Ponzi scheme, the Finance Minister later advocated for global crypto regulation. Though the Supreme Court has overturned the ban, it calls crypto laws “obsolete.” The country is expected to re-evaluate its regulatory approach in 2025.
To leverage the potential of a Bitcoin reserve, India should consider adopting a crypto-friendly and comprehensive crypto regulation framework, moving beyond its current ambiguous stance, said the Bhandari. He noted that despite leading a crypto working group with the IMF during India’s 2023 G20 presidency, the country has failed to establish a clear regulatory framework. The statement read, “Regulation remains pivotal. India’s crypto policy—taxed but unregulated—needs clarity to unlock potential.” He further pointed out,
The IMF’s recent classification of Bitcoin as a capital asset further sharpens the need for direction. Clear regulation could bring both transparency and the required oversight to this emerging asset class—enabling responsible innovation while protecting a rising investor class.
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Is a Bitcoin Reserve Possible in India?
Furthermore, Bhandari reflected on the country’s unique advantage, noting that with its renewable energy capacity, India has the full scale of capability to mine Bitcoin. Bhutan has been mining Bitcoin since 2021, leveraging its surplus hydropower to amass a reserve valued at over $1 billion. This neighbouring country’s initiative further boosts India’s potential adoption of a BTC reserve.
Crypto leaders like CoinDCX CEO Sumit Gupta largely support the idea of India establishing a Bitcoin reserve. Backing Bandari’s points, Gupta noted,
For years, many of us in the industry have advocated that crypto is more than just a financial instrument, it’s geopolitical, economic, and strategic. Seeing our policymakers engage with this reality is both validating and encouraging! Thank you, Pradeep ji, for giving voice to what many in the ecosystem believe. We need more such voices who see where the world is headed!
With increasing acceptance of crypto and prominent figures’ call for a modern financial policy, the crypto community expects India to adopt a BTC reserve.
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India’s Ruling Party Leader Suggests Bitcoin Reserve as US FOMO Sparks BTC Race
As the US has launched a Strategic Bitcoin Reserve, valued at above $20 billion, India’s crypto landscape is abuzz with possibility. India’s Ruling Party spokesperson, Pradeep Bhandari, has ignited a heated debate, suggesting that India could benefit from adopting a BTC reserve. In an India Today article, the BJP leader shared his personal views, directing the government’s attention towards its advantages.
Advertisement Advertisement
BJP Leader Urges to Establish a BTC Reserve
In a recent India Today article, Pradeep Bhandari, a journalist and Bharatiya Janata Party leader, expressed his personal opinions on the vast opportunities for India in exploring a Bitcoin Reserve. Reflecting on the global trend of adopting a crypto reserve, the politician underscored the significance of a renewed financial policy in India.
Bhandari’s article came just five days after the US State of Texas signed the Bitcoin Reserve bill into law. The US introduced the BTC Reserve bill in January after Donald Trump’s inauguration as the 47th President. Soon, global powers began reconsidering their financial strategies, contemplating the inclusion of BTC in their reserves. As CoinGape reported earlier, countries like Pakistan are planning to introduce a BTC reserve.
In his article, the BJP leader asserted that India’s financial policy must evolve to keep pace with global developments, ensuring financial growth and prosperity. He noted,
Advertisement Advertisement
Clear Crypto Regulation Needed
Notably, India is among the nations with a skeptical outlook on cryptocurrency. The country’s stance on crypto has been evolving, marked by caution and exploration. From the RBI’s 2013 advisory against cryptocurrency to the 2018 ban, the government’s approach has been inconsistent.
While the finance ministry once called crypto a Ponzi scheme, the Finance Minister later advocated for global crypto regulation. Though the Supreme Court has overturned the ban, it calls crypto laws “obsolete.” The country is expected to re-evaluate its regulatory approach in 2025.
To leverage the potential of a Bitcoin reserve, India should consider adopting a crypto-friendly and comprehensive crypto regulation framework, moving beyond its current ambiguous stance, said the Bhandari. He noted that despite leading a crypto working group with the IMF during India’s 2023 G20 presidency, the country has failed to establish a clear regulatory framework. The statement read, “Regulation remains pivotal. India’s crypto policy—taxed but unregulated—needs clarity to unlock potential.” He further pointed out,
Advertisement
Advertisement
Is a Bitcoin Reserve Possible in India?
Furthermore, Bhandari reflected on the country’s unique advantage, noting that with its renewable energy capacity, India has the full scale of capability to mine Bitcoin. Bhutan has been mining Bitcoin since 2021, leveraging its surplus hydropower to amass a reserve valued at over $1 billion. This neighbouring country’s initiative further boosts India’s potential adoption of a BTC reserve.
Crypto leaders like CoinDCX CEO Sumit Gupta largely support the idea of India establishing a Bitcoin reserve. Backing Bandari’s points, Gupta noted,
With increasing acceptance of crypto and prominent figures’ call for a modern financial policy, the crypto community expects India to adopt a BTC reserve.
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