India Mulling Bitcoin Reserve as Global Interest Grows

The United States has established a Strategic Bitcoin Reserve (SBR) valued at over $20 billion. This move has started new conversations around the world, including in India. Pradeep Bhandari, a spokesperson for India’s ruling party, recently shared his views in a local news article. He believes that India should explore the idea of having its own Bitcoin Reserve. His message has brought fresh attention to India’s position on cryptocurrency. The United States Sets a New Direction The state of Texas reportedly signed the Bitcoin Reserve bill into law just five days before Bhandari’s article was published. In his article, Bhandari stated that India needs to update its financial policy to keep pace with global changes. He suggested that the government could start with a small Bitcoin Reserve project. He believes this could help India grow its economy and show that the country is open to new ideas. Many countries are now thinking about doing the same. Reports say that Pakistan is also planning to start a Bitcoin Reserve . India Needs To Set Clear Crypto Rules India has had a mixed history with cryptocurrency. In 2013, the Reserve Bank of India issued a warning against its use. In 2018, a ban was imposed, which was later overturned by the Supreme Court. Even now, India lacks clear guidelines on how to use or manage digital assets. Bhandari pointed out that India taxes crypto, but there are no proper laws to guide the industry. This confuses and slows progress. He stated that India needs clear rules to maximize the benefits of Bitcoin and protect investors. He also stated that the International Monetary Fund (IMF) has recently classified Bitcoin as a capital asset. This shows why India needs to move fast. During its G20 presidency in 2023 , India had a chance to lead on crypto policy. The country leaders worked with the IMF but did not create a clear national plan. Many people believe this delay is hindering India’s full potential to benefit from cryptocurrency. India Can Mine Bitcoin Using Clean Energy Bhandari also spoke about India’s energy strength. The country has plenty of renewable energy, like solar and hydropower. This can be used to mine Bitcoin cleanly and affordably. He gave the example of Bhutan, which has been mining Bitcoin since 2021, utilizing its excess hydropower. Bhutan now has a Bitcoin Reserve worth over $1 billion. This shows that smaller countries can also benefit from smart crypto strategies. Many people in India’s crypto industry agree with Bhandari. CoinDCX CEO Sumit Gupta stated that cryptocurrency is not just a means to generate wealth, but also a strategic and economic tool. He welcomed the fact that political leaders are now talking about it. He also said that India needs more such voices that understand where the world is going. The post India Mulling Bitcoin Reserve as Global Interest Grows appeared first on TheCoinrise.com .

Source: The Coin Rise