Bitcoin Reserve to Be Built Without Taxpayer Funds

Government Holds Significant Bitcoin Reserves

The government is building a bitcoin reserve without using taxpayer funds, according to a report by The Economic Times.

The report, which cites sources in the know, says that the government has already placed a significant bitcoin holding with a major crypto exchange.

It is unclear how much bitcoin the government has already acquired or how much it plans to buy in total. However, the report says that the government is keen to build up a substantial bitcoin reserve.

The government’s move to invest in bitcoin comes amid a broader interest in cryptocurrencies among governments around the world. Several governments are now exploring the possibility of launching their own central bank digital currencies (CBDCs).

In India, the government has been lukewarm to cryptocurrencies, despite the industry’s rapid growth in recent years. Earlier this year, the government announced plans to introduce a new bill in parliament that would ban all private cryptocurrencies.

However, the government has yet to present the bill, and it is unclear whether it will be passed in its current form.

The report by The Economic Times says that the government is also planning to announce a ban on the selling of bitcoin reserves.

This move is aimed at preventing any speculation on the price of bitcoin and ensuring that the government’s bitcoin holdings are used for long-term investment purposes only.

The report says that the government is likely to announce the ban on selling bitcoin reserves as part of a broader policy statement on cryptocurrencies.

The government is expected to provide more details on its stance towards cryptocurrencies in the coming months.output: A new report by The Economic Times claims that the Indian government is building a bitcoin reserve without using taxpayer funds.

According to sources cited by the news outlet, a major crypto exchange is currently holding a “significant” bitcoin (BTC) portion of the government’s treasury.

The report further states that the government is planning to announce a ban on selling bitcoin reserves. This move is aimed at preventing any speculation on the price of bitcoin and ensuring that the government’s bitcoin holdings are used for long-term investment purposes.

The report adds that the government is also considering placing an order for a larger bitcoin to be funded from the government’s treasury. It is speculated that the announcement of the ban on selling bitcoin reserves could be made as part of a broader policy statement by the government on cryptocurrencies.

Earlier this year, India’s Finance Minister Nirmala Sitharaman announced that the government plans to introduce a new bill in parliament that would ban all private cryptocurrencies.

However, the government has yet to present the bill, and it is unclear whether it will be passed in its current form.

Despite the industry’s rapid growth, the government has been lukewarm to cryptocurrencies.

Earlier this year, India’s Supreme Court overturned the Reserve Bank of India’s ban on banks from dealing with cryptocurrency exchanges. The apex court also ordered the central bank to process pending applications from digital asset businesses within six weeks.

Earlier this year, reports emerged that India is planning to launch its own central bank digital currency (CBDC).

According to a report by the TokenInsight, India ranked among the top ten countries in terms of institutional interest in blockchain and cryptocurrencies in the first quarter of 2023. The report noted that India’s interest in cryptocurrencies is quickly growing.

As of January 2024, bitcoin is trading at around $35,000. The cryptocurrency has been volatile in recent months, but it has recovered significantly from the lows it reached in 2022.

Bitcoin price today, 27 January 2024 is $24,208.88 USD in 24 hour trade. Volume24h is $36,000,000,000,000.00. Price ranges in 24h are $24,000.00-$24,300.00.

The post Report: India Building Bitcoin Reserve, No Taxpayer Funds Used, As Ban On Selling BTC Is Imminent appeared first on Benzinga.

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