India’s ruling party is being urged to take a serious step into crypto. Bharatiya Janata Party (BJP) spokesperson Pradeep Bhandari has called for a national Bitcoin reserve pilot to keep pace with countries like the US and Bhutan.

In an article for India Today, Bhandari said the global financial landscape is changing fast, with major governments treating Bitcoin as a strategic asset. He pointed to Bhutan’s state-backed Bitcoin mining and the US government’s growing BTC reserves as key signals.

India has the infrastructure to act, Bhandari said, especially with its expanding renewable energy sector. He emphasized that a Bitcoin reserve is not a leap of faith but a calculated move.

India taxes crypto but has no clear rules. Profits from selling virtual digital assets (VDAs) like Bitcoin are taxed at 30% under Section 115BBH of the Income Tax Act. There's also a 1% tax deducted at source (TDS) for all transactions over $115. But there are no specific regulations governing how digital assets should be used or treated.

Bhandari stressed that while India played a key role in forming a crypto-focused G20 working group in 2023, other nations like the US, China, Brazil, and Russia are rapidly moving ahead with digital asset strategies.

He said India needs to start by launching a sovereign Bitcoin reserve pilot. That could lead to regulatory clarity, improve investor protection, and position India as a serious player in the global digital economy.

“India stands at a pivotal juncture,” Bhandari concluded. “A Bitcoin reserve initiative could be a smart step toward a stronger, future-ready economy.”