Indian ruling party spokesperson pushes Bitcoin reserve pilot, crypto regulation reform

A senior figure in India’s ruling Bharatiya Janata Party (BJP) has called for the country to consider integrating Bitcoin into its official reserve strategy.

On July 26, Pradeep Bhandari, a spokesperson for the BJP, encouraged Indian policymakers to adopt a measured approach to Bitcoin, suggesting that even a small-scale pilot program could strengthen India’s economic resilience and align the country with emerging global trends.

According to him:

“India stands at a pivotal juncture. A measured Bitcoin strategy—perhaps a reserve pilot—could strengthen economic resilience and project modernity.”

The statesman highlighted Bitcoin’s rising popularity, especially following the United States’ move to establish a strategic reserve.

Bhandari also pointed to neighboring Bhutan as an example of how countries can leverage domestic resources to engage with digital assets. Bhutan utilizes its renewable energy capacity for Bitcoin mining and has increased its crypto holdings without making direct purchases.

According to Bhandari, India could follow a similar model and reduce its dependence on foreign markets while enhancing fiscal self-reliance.

He wrote:

“India, with its renewable energy capacity, has the full scale of capability to adapt this model, though scale and regulation pose distinct challenges. Bhutan’s success suggests digital assets can stabilise economies, a point worth considering.”

Considering this, Bhandhari emphasized that India does not need to rush into full-scale adoption but could launch a controlled pilot program. This would allow policymakers to study the asset’s impact while demonstrating a modern and forward-thinking approach to global finance.

Calls for crypto regulation

Beyond the reserve strategy, Bhandari emphasized the need for India to develop a comprehensive crypto regulatory framework.

While India currently taxes digital assets, it lacks clear laws governing their use and integration into the broader financial system.

According to Bhandari, this regulatory gap places India at a disadvantage compared to countries like the United States, Russia, Brazil, and China, which have already made progress in crafting national-level crypto policies.

He argued that regulation should evolve alongside innovation, not lag behind it. A well-defined framework, he said, would not only protect investors but also solidify Bitcoin’s position within India’s future economic roadmap.

Bhandari also pointed to the International Monetary Fund’s recent classification of Bitcoin as a capital asset, arguing that this global recognition reflects the need for India to act decisively and strategically.

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