The national spokesperson of India's ruling party, the Bharatiya Janata Party (BJP), Pradeep Bhandari, has called for the country to consider initiating a Bitcoin reserve pilot, stating that this is a strategic step towards economic resilience.
In an article for India Today, Bhandari noted that the strategic Bitcoin (BTC) reserves in the United States and Bhutan's state-led mining initiatives indicate a global financial shift towards cryptocurrency.
He added that India has an expanding renewable energy infrastructure capable of formulating a sovereign Bitcoin strategy.
Bhandari wrote, "This is not a reckless shift, but a well-considered step towards embracing the legitimacy of digital assets."
India's cryptocurrency tax policy remains uncertain. Bhandari pointed out that cryptocurrencies are heavily taxed in India but remain unregulated.
The government imposes a uniform tax rate of 30% on virtual digital assets (VDAs) such as BTC and Ethereum (ETH). However, a regulatory framework for digital currencies has yet to be established.
According to Section 115BBH of the Indian Income Tax Act, profits from the sale of cryptocurrencies are subject to a 30% tax. While the purchase cost can be deducted, there are no provisions for deducting other expenses or losses.
Additionally, all cryptocurrency transactions exceeding $115 are subject to a 1% Tax Deducted at Source (TDS), deducted from either the buyer or seller.
Bhandari mentioned that during India's G20 presidency in 2023, the government assisted in coordinating a crypto working group with the International Monetary Fund. However, other countries have already accelerated their efforts.
He stated that while the recommendation is to proceed step by step, countries like Russia, China, Brazil, and other G20 nations led by the United States have not paused their crypto initiatives to await consensus.
Bhandari also referenced the U.S. government's plans to expand its BTC reserves through budget-neutral purchases, noting that three states in the U.S. have already authorized Bitcoin as a reserve asset.
Bhandari asserted that India's path forward should include regulatory clarity, starting with a sovereign BTC reserve initiative.
He added that clear regulations could bring transparency and oversight to the emerging asset class while promoting innovation and protecting investors.
Bhandari wrote, "India is at a critical juncture. A prudent Bitcoin strategy—perhaps a reserve pilot—could enhance economic resilience and showcase modernity."
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Original article: “Indian Politician Calls for Bitcoin (BTC) Reserve Pilot, Describing It as a Strategic Step for Economic Resilience”
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