Bitcoin Policy Institute of India: New direction of Bitcoin policy in India


There has been a lot of confusion and questions about Bitcoin and cryptocurrency in India till now. Sometimes there is talk of banning it, sometimes of taxation and regulation. Meanwhile, Bitcoin Policy Institute of India (BPI India) has been launched recently – an independent think tank, which aims to make research, education and policy making about Bitcoin in India easy and clear.

This institute will not only provide data and research to policymakers but will also give correct information related to Bitcoin to the general public and business.

What is Bitcoin Policy Institute of India?

BPI India is an independent think tank.

It has been started for research, education and policy advocacy related to Bitcoin.

Its founders include names like Mithilesh Kumar Jha.

Its goal is to create a clear and pro-Bitcoin policy framework in India.

 That is, this institute will give accurate information and direction related to Bitcoin to everyone - the government, regulators, corporates and citizens.

Which areas will BPI India work on?

BPI India has set some special focus areas for itself.

1. Sovereign Mining Initiative

Different states of India have excess capacity of renewable energy (such as solar and wind).

This excess electricity can be used in Bitcoin Mining.

This will give additional economic value to the states.

2. Policy Advocacy & Research

Providing data-driven research to the government and regulators.

Advising on Bitcoin from a scientific and economic perspective.

3. Strategic Research Initiative

Study to establish Bitcoin as a national and corporate treasury asset in India.

Providing guidelines like CFO Playbook to large companies and institutions.

4. Education

Providing correct information and education to the general public.

 Dispelling misconceptions about Bitcoin and digital assets.

5. Enabling Commerce & Payments

Promoting the use of Bitcoin Lightning Network.

This will enable Indian merchants and consumers to make low-cost and fast global transactions.

What changes can Bitcoin Policy Institute of India bring?

BPI India can bring big changes in India's digital economy at many levels.

1. Making mining a value source

Many states in India have a surplus of renewable energy.

Using this energy in Bitcoin Mining can create new employment and revenue sources.

2. Creation of a clear policy

Till now there were no clear rules and guidelines on Bitcoin in India. BPI India will provide research-based inputs to the government. This will make the rule-making process easier.

3. Adoption at the corporate level

Tools like CFO Playbook will be launched for companies.

 So that companies can include Bitcoin in their treasury and financial structure.

4. Public education

People often consider Bitcoin as just "speculation".

BPI India will tell people the real value and use of Bitcoin.

5. Increase in global transactions

Through Lightning Network, even small traders will be able to make low-cost and fast international payments.

This will greatly benefit India's exporters and freelancers.

Indian government's stance on crypto

The Indian government has always been cautious about cryptocurrencies.

Main concerns of the government:

Money laundering

Tax evasion

Investor protection

Recently, the Parliamentary Standing Committee on Finance has started a serious study on Virtual Digital Assets (VDA).

India has already launched the Central Bank Digital Currency (CBDC).

This means that the government is now taking crypto and especially Bitcoin seriously at the policy-making level.

Why is BPI India important? 

More than 13 crore people in India are crypto users.But the policy is not clear yet. Without the right policy, investors and companies face legal uncertainty. BPI India will act as a bridge between the government and the public.

Conclusion

The Bitcoin Policy Institute of India (BPI India) is a new beginning regarding Bitcoin in India. It will not only give the right direction to the government but will also increase the understanding of Bitcoin to corporates and the general public.

If India does Bitcoin mining using its renewable energy resources and adopts technology like Lightning Network, then it can take the country's digital economy to new heights.

It will be interesting to see in the coming times how effective and permanent BPI India makes the Bitcoin Policy in India.