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Indian politician calls for a Bitcoin reserve pilot as the United States embraces BTC
The spokesperson for the ruling party in India, Pradeep Bhandari, called for the country to experiment with Bitcoin reserves to enhance economic resilience. In an article on India Today, he argued that the actions of America and Bhutan indicate that global finance is shifting towards cryptocurrency. With the development of renewable energy, India could build its own Bitcoin strategy.
Currently, cryptocurrency in India is taxed at 30%, but there is no clear legal framework. Transactions over $115 are also subject to a 1% withholding tax. Although India once led the G20 working group on crypto, countries like America, China, and Brazil are moving faster.
Bhandari believes that India should have a cautious Bitcoin strategy, starting with reserve experimentation, to promote innovation and protect investors.