According to an estimate, more than 100 million Indians, which is about 8% of the country's total population, are invested in cryptocurrency today. This number is very big in itself, but even today, there are millions of people who do not invest in crypto despite wanting to because, even today, there are no proper and correct policies regarding cryptocurrency in this country. And every crypto enthusiast in the country has been waiting for a long time for cryptos to be recognised with proper guidelines like other tradable assets. And then today, on the occasion of Independence Day, the launch of the Bitcoin Policy Institute of India (BPI India) has raised a wave of hope among crypto enthusiasts. This new think tank is dedicated to advocating bitcoin is being seen as a potentially transformative step for India's economic future, and the timing of its launch is symbolic in itself, linking the idea of national independence with the concept of financial sovereignty, which bitcoin is believed to provide.
This new initiative aims to replace the uncertain regulations that have prevailed so far by providing data-based research and education to policymakers. It attempts to move beyond “regulatory haziness” which is indeed a necessary step. However, we are quite late to this as Indian crypto investors have been waiting for this for a long time and hence many on the internet see this as a much-needed step to promote a clear, pro-Bitcoin policy framework in India and hope that this new policy update will make crypto trading and investing in India more secure and better.
BPI India's mission is in line with the growing recognition that Bitcoin is a strategic tool rather than just a speculative asset. Supportters of this idea often point to several key areas where Bitcoin can benefit India such as financial inclusion, energy and mining, global competitiveness, etc. Overall, this news is being welcomed with a lot of enthusiasm and positivity as earlier we had seen only a few reactions on these topics. This is the first time that something has been done on this with a proactive approach and that too symbolically on the occasion of Independence Day, which points towards a big change.