A prominent BJP spokesperson, Pradeep Bhandari, has suggested that India should look into the idea of holding Bitcoin as part of its strategic reserves. He believes the country could start with a pilot project to test the waters, which could strengthen economic stability and reflect a modern approach to financial policy.
He pointed out global examples like the United States, where states like Texas have begun building Bitcoin reserves, and Bhutan, which has been using its surplus hydropower to mine Bitcoin since 2021. These cases are being showcased as successful models that India could learn from.
Supporters of this idea argue that having Bitcoin reserves could help cushion India during economic downturns, attract investors, and boost its standing in the global financial landscape.
However, India still faces big challenges on this front, including the absence of a clear regulatory framework, high taxes on crypto transactions, and concerns about the volatility and security of digital assets.
If India does move ahead with building a Bitcoin reserve, it could have ripple effects on global finance, potentially challenging the dominance of the dollar and boosting India’s influence in the digital economy.
