India should promote domestic Bitcoin mining as a strategic counterweight to gold, rather than leaning only on import curbs, according to Kashif Raza, Founder of Bitinning, India’s leading crypto education platform.
He argues that the country cannot produce gold but can produce Bitcoin, thereby keeping revenue within the economy
Raza listed mining as one of several fixes the government could have used to defend a record-low rupee. He said gold is a cultural necessity rather than an investment, so the duty mainly hurts households while a mineable competitor could earn dollars instead. Subscribe to our YouTube channel to watch leaders and journalists provide expert insights https://youtu.be/er63ikuh5Ik One of Several Fixes for the Falling Rupee In an interview with BeInCrypto, Raza responded to the government’s recent push to defend the rupee.
In May, Prime Minister Narendra Modi urged households to avoid non-essential gold purchases for a year. Shortly after, India raised the import duty on gold and silver to 15% from 6%. The appeal followed a sharp slide in the rupee, which has traded near 96.9 per dollar at record lows.