The representative of the ruling Indian People’s Party Pradeeep Bhandari called on the government to study the possibility of creating a strategic reserve in bitcoins in order to increase the country’s economic stability.

Bhandari cited an example of the United States, where in some states, laws on the creation of a reserve in the first cryptocurrency have already been signed, as well as the Kingdom of Butan, which borders with India, which has been engaged in mining for more than five years. World finances are shifted towards cryptocurrencies, so India, developing the infrastructure of renewable energy sources, could also accumulate bitcoins, said Bhandari.

Now cryptocurrencies are not regulated in India, but taxed with high taxes. For the profit from the sale of cryptocurrencies, local traders pay a tax of 30%. In addition, to all cryptocurrency transactions over 10,000 Indian rupees (about $ 115), 1%tax is applied. Bhandari is sure that the creation of a state reserve in Bitcoin can clarify the regulation of cryptocurrencies and contribute to the development of innovation in the country.

“Clear rules for supervision of cryptocurrencies can ensure their transparency and protect investors. A balanced and thoughtful strategy for the accumulation of bitcoins – perhaps a pilot project to create a crypto -cutter – could increase the country’s economic stability, ”said Pradip Bhandari.

Earlier, the Minister of Finance of India Nirmala Sitharaman called on world regulators to combine efforts to create universal rules for regulating cryptocurrencies. Meanwhile, the Reserve Bank of India (RBI) has expanded the functionality of digital rupees, which is planned to be used for international calculations.