BJP’s Pradeep Bhandari urges India to adopt a Bitcoin Reserve, citing the US and Bhutan’s moves to boost financial resilience.
India’s crypto landscape is ablaze with potential due to the United States’ establishment of a Strategic Bitcoin Reserve, which is estimated to be worth more than $20 billion. Pradeep Bhandari, the spokesperson for the ruling party in India, has sparked a passionate debate by proposing that India could benefit from implementing a Bitcoin reserve. The BJP leader expressed his personal opinions in an article published by India Today, diverting the government’s attention to its benefits.
The BJP leader has called for the establishment of a BTC reserve
Pradeep Bhandari, a journalist and Bharatiya Janata Party leader, recently shared his perspectives on the extensive potential for India to capitalize on a Bitcoin Reserve in a recent article published by India Today. The politician emphasized the importance of a revised financial policy in India in light of the global trend of implementing a crypto reserve.
Bhandari’s article was published five days after the Bitcoin Reserve bill was enacted into law by the state of Texas. The BTC Reserve measure was introduced by the United States in January, following the inauguration of Donald Trump as the 47th President. Global powers soon began to reevaluate their financial strategies, considering the incorporation of BTC in their reserves. As previously reported, several countries, including Pakistan, are preparing to establish a Bitcoin reserve.
BJP leader asserted in his article that India’s financial policy must adapt to global developments to guarantee financial growth and prosperity. He observed,
India stands at a pivotal juncture. A measured Bitcoin strategy—perhaps a reserve pilot—could strengthen economic resilience and project modernity. As the US advances and nations like Bhutan adapt, India has a unique opportunity to lead.
Clear crypto regulations are required
Notably, India is one of the countries that is skeptical about cryptocurrency. The nation’s perspective on cryptocurrency has been in flux, characterized by a combination of caution and exploration. The government’s stance toward cryptocurrency has been inconsistent, from the RBI’s 2013 advisory against it to the 2018 ban.
The finance ministry previously referred to cryptocurrency as a Ponzi scheme; however, it has since endorsed the implementation of global crypto regulation. The Supreme Court has declared crypto laws “obsolete,” even though the ban has been overturned. In 2025, the nation is expected to reassess its regulatory strategy.
To capitalize on the potential of a Bitcoin reserve, India should consider implementing a comprehensive and crypto-friendly regulatory framework rather than its current ambiguous posture, according to Bhandari. He observed that India has not established a clear regulatory framework despite overseeing a crypto working group with the IMF during its 2023 G20 presidency. The declaration read, “Regulation continues to be essential.” India’s crypto policy—which is taxed but unregulated—requires clarification to realize its potential. He also noted,
The IMF’s recent classification of Bitcoin as a capital asset further sharpens the need for direction. Clear regulation could bring both transparency and the required oversight to this emerging asset class—enabling responsible innovation while protecting a rising investor class.
Is it feasible to establish a Bitcoin reserve in India?
Furthermore, Bhandari considered India’s distinctive advantage, observing that the country possesses the full capacity to mine Bitcoin due to its renewable energy capacity. Bhutan has been mining Bitcoin since 2021, capitalizing on its surplus hydropower to accumulate a reserve now valued at more than $1 billion. This neighboring country’s initiative further bolsters India’s prospective adoption of a BTC reserve.
Crypto leaders, such as CoinDCX CEO Sumit Gupta, primarily support the concept of India establishing a Bitcoin reserve. In support of Bandari’s arguments, Gupta observed,
For years, many of us in the industry have advocated that crypto is more than just a financial instrument, it’s geopolitical, economic, and strategic. Seeing our policymakers engage with this reality is both validating and encouraging! Thank you, Pradeep ji, for giving voice to what many in the ecosystem believe. We need more such voices who see where the world is headed!
The crypto community anticipates that India will establish a BTC reserve in response to the growing acceptance of crypto and the prominent figures’ demand for a contemporary financial policy.