BREAKING: BPI Drops India’s First Bitcoin Think Tank on Independence Day—Just as Rupee Hits New Lows

India's crypto revolution gets an intellectual engine room as Blockchain Policy Initiative (BPI) launches the nation's first Bitcoin think tank—timed perfectly with Independence Day celebrations.

Why this matters: The move comes as traditional finance scrambles to keep up with decentralized alternatives. "Finally, some serious brainpower behind India's crypto future," tweeted Ethereum co-founder Vitalik Buterin within minutes of the announcement.

The cynical take: Of course they picked August 15th—nothing boosts adoption like nationalist sentiment mixed with distrust in fiat currency. The rupee's 8% YTD drop against Bitcoin makes for compelling marketing.

What's next: Expect policy white papers by Diwali and at least three "accidental" meetings with RBI officials before year-end. BPI's play? Position India as the Singapore of Web3—before Singapore finishes becoming the Singapore of Web3.

Five-Pillar Plan

BPI India will focus on five strategic areas. 

• The Sovereign Mining Initiative will guide state governments on converting renewable energy into Bitcoin. 
• Policy advocacy and research will serve as a resource for federal and state officials. 
• A Strategic Research Initiative will promote Bitcoin as a treasury asset for both national and corporate reserves. 
• Education efforts will aim to improve public understanding of Bitcoin and self-custody. 
• The final pillar will promote commerce and payments by accelerating low-cost, global transactions through the Lightning Network, which remains little used in India.

Avi Burra, another founding fellow, said the first pillar draws inspiration from Bhutan’s sustainable Bitcoin mining model. “Our initial focus will be on demonstrating how a clear policy on sustainable Bitcoin mining can be a net positive for India’s energy grid and create sovereign wealth,” he said.

Initial plans include publishing a WHITE paper on state-level mining opportunities and holding educational briefings with policymakers. The institute will also release a “CFO Playbook” for corporations considering Bitcoin as a treasury asset.

No Government Backing Yet

While BPI India announced the launch through its official X account, there has been no confirmation or involvement from any government body. For now, the effort remains independent, without official policy support.

A Difficult Environment

The launch comes at a time when cryptocurrency remains a sensitive subject in India, with no clear regulations in place. The government was expected to release a crypto discussion paper in June, then in July, but both deadlines passed without updates. By mid-August, there is still no sign of it.

In the absence of government action, private initiatives are moving ahead. Web3 venture firm Hashed Emergent and policy group Black Dot recently unveiled the COINS Act, short for Crypto-systems Oversight, Innovation and Strategy Act — a model law proposing a comprehensive framework for the crypto industry. 

Though non-binding, it advocates for digital rights such as self-custody, blockchain access, and financial privacy, and calls for the creation of a dedicated regulator, the Crypto Assets Regulatory Authority (CARA).

International interest also continues. Coinbase’s Chief Legal Officer, Paul Grewal, met Karnataka IT Minister Priyank Kharge in Bengaluru this week to discuss blockchain development, cybersecurity, and developer engagement. The talks included sharing tools, training programmes, and hosting hackathons.

India’s Growing Role in Bitcoin

India is already one of the largest holders of Bitcoin. Analyst Fred Krueger estimates the country holds about 5.1% of the total supply, roughly 1 million BTC, mostly with retail investors. The United States leads with about 40%, held by a mix of retail investors, institutions, ETFs, and custodial services.

If BPI India’s plans work out, it could put the country on stronger footing in the global Bitcoin scene. For now, the push is coming from outside government circles.

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