On India’s Independence Day, Crypto Advocates Launch Bold Bitcoin Policy Think Tank—Here’s Why It Matters

Crypto lobbyists just dropped a strategic bombshell—timed perfectly with India's 78th Independence Day celebrations. A new Bitcoin policy think tank hits the scene, aiming to reshape the subcontinent's digital asset landscape.

Why now? With India's crypto adoption surging despite regulatory whiplash, this move screams 'political chess.' The group's mission? To bridge the gap between blockchain innovation and Delhi's policymaking corridors—no small feat in a nation that flip-flopped from banning crypto to taxing it at 30%.

The real kicker? This isn't just another talking shop. Insiders hint at aggressive lobbying for Bitcoin-friendly frameworks—because nothing says 'financial sovereignty' like outmaneuvering central banks with open-source code. (Take that, RBI.)

One cynical footnote: Of course they launched on August 15th. Nothing rallies nationalist sentiment like wrapping crypto-anarchy in the tricolor—while discreetly eyeing those sweet, sweet retail investor inflows.

BPI projects production of 150k BTC by 2030

Interestingly, the group plans to focus on issues it identified as the strategic pillars necessary to achieve its goals. One of the BPI Five Pillars is the Sovereign Mining Initiative, which plans to guide state governments in using renewable energy for Bitcoin mining.

Per its economic analysis, India could generate 15,000 BTC through this in the first year, with a focus on the Rajasthan and Himachal Pradesh regions. However, its long-term goal over the next five years is for BTC production to reach 150,000 BTC and for all regions with excess renewable energy in the country to actively mine BTC.

It noted that this WOULD create 200,000 jobs directly and indirectly and utilize around 25 – 30 terawatt-hours of electricity throughout the country for BTC production.

Meanwhile, other Core pillars include Political Advocacy and Research, Education, Strategic Reserve Initiative, and Enabling Commerce and Payments through Bitcoin. The think tank believes that doing all these will help ensure the country saves money on remittance and reduce reliance on SWIFT.

India’s crypto scene is struggling despite massive adoption

The establishment of BPI could mark the start of a turnaround for the Indian crypto sector, which has been struggling in recent years. Despite ranking first in crypto adoption for 2024 according to the Chainalysis Adoption Index, reality tells a different story.

Several challenges have dogged the Indian crypto sector, with the lack of regulatory clarity, the controversies surrounding popular exchanges such as WazirX, and the high tax rate on crypto trading and gains, all limiting activity.

The country’s regulatory environment has already forced several investors to use offshore exchanges, but that has not stopped the tax drive by the authorities. The Minister of State for Finance, Pankaj Chaudhary, recently disclosed that over 44,000 crypto investors got emails and text messages to pay their taxes.

Nevertheless, efforts to boost adoption have also increased with the national spokesperson for the country’s ruling party, Pradeep Bhandari, also calling for India to establish a strategic Bitcoin reserve. However, many people are still waiting for regulatory clarity on the crypto sector.

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