Government Bitcoin Reserves and Regulatory Clarity Sought by Indian Public
In a recent development, Pradeep Bhandari, a national spokesperson of the Indian ruling party BJP, has advocated for a new Bitcoin strategy for India. Bhandari, in a personal contribution, has highlighted the potential of Bitcoin as a strategic opportunity for India to strengthen economic stability and digital sovereignty.
Bhandari's call for a new Bitcoin strategy comes amidst the growing trend of countries establishing Bitcoin reserves. The USA has established a strategic Bitcoin reserve, including seized balances, and Texas is the third US state to pass a law establishing a Bitcoin reserve. Recently, the CEO of the "Pakistan Crypto Council" announced that Pakistan would start a strategic Bitcoin reserve.
Bhandari suggests that India could adopt Bhutan's model of state-owned Bitcoin mining using excess renewable energy to fill a state Bitcoin reserve. Bhutan, a small Himalayan kingdom, has been using excess hydroelectric power for Bitcoin mining for several years and holds over 12,000 BTC, worth around $1.3 billion. Bhutan's success with Bitcoin mining suggests that digital assets can stabilize the economy, according to Bhandari.
Bitcoin, described as finite, reliable, designed for a borderless, technology-driven world, and securely storable using modern, cryptography-based security, offers India an alternative to gold and a path to a better economic future, according to Bhandari. Bitcoin's decentralized nature, scarcity, liquidity, transparency, and monetary attributes that set it apart from other asset classes like gold make it an attractive proposition for countries looking to strengthen their economic resilience.
However, India still has regulatory catching up to do, apart from a tax of over 30%, according to Bhandari. He criticizes the lack of regulation of the crypto industry in India and argues that more clarity and transparency are needed to fully harness the potential of Bitcoin and protect investors. Bhandari calls for clear crypto regulations and a state Bitcoin reserve, citing examples from the USA and the Kingdom of Bhutan.
Despite Bhandari's call, there are no available search results indicating any official position or plans by the Indian Prime Minister or relevant authorities regarding establishing a Bitcoin state reserve or regulating cryptocurrency hubs. This indicates that while the idea is gaining traction, it is yet to be officially endorsed by the Indian government.
Stefan, a media scientist and sinologist working independently in the artistic-publishing sector, writes about the social and ecological aspects of Bitcoin and Bitcoin mining. Stefan's article on Bhandari's proposal aims to shed light on the potential benefits and challenges of adopting a Bitcoin strategy for India.
In conclusion, Bhandari's proposal for a new Bitcoin strategy for India aims to make the country future-proof and potentially take an international leading role in the field of digital assets. As the world continues to embrace digital currencies, it will be interesting to see how India navigates this new frontier and whether it will follow in the footsteps of countries like the USA and Bhutan.
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