Pradeep Bhandari, the national spokesperson for India’s ruling Bharatiya Janata Party (BJP), has called for India to establish a Bitcoin (BTC) reserve pilot program. Bhandari emphasized that such a strategic move would enhance India's economic resilience and align the country with global financial trends moving towards cryptocurrency adoption.
In articles and public statements, Bhandari pointed to the United States’ example of expanding Bitcoin reserves, as well as Bhutan's state-led Bitcoin mining operations and robust reserve of over $1 billion worth of Bitcoin. He highlighted India’s abundant renewable energy resources as an opportunity to emulate Bhutan’s successful model by using surplus renewable energy to mine Bitcoin, integrating crypto into the country’s economic infrastructure.
Currently, India taxes crypto assets at a flat rate of 30%, along with a 1% Tax Deducted at Source (TDS) on transactions over $115, but lacks a comprehensive regulatory framework. Bhandari argued that clearer crypto regulations could provide transparency, oversight, and protection for investors while fostering innovation in the digital asset space.
He noted that while India coordinated a crypto working group with the International Monetary Fund during its 2023 G20 presidency, other countries like Russia, China, Brazil, and the US are moving aggressively with their crypto strategies and not waiting for global consensus.
Bhandari described the Bitcoin reserve pilot not as a reckless pivot but a measured step towards embracing digital asset legitimacy and modernizing India’s approach to currency and reserves. He suggested this initiative could position India advantageously within global crypto finance and serve as an inflation hedge similar to models in the US and Bhutan.