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.
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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. Higher oil prices from the Iran conflict widened India’s import bill, with Brent crude surging to over $100.
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Asked what India could have done differently, Raza offered a list. It included more transparent markets, better financial literacy, lower taxes on stock gains, and tighter outbound remittance limits. Promoting Bitcoin mining was his most striking suggestion.
Why Raza Wants India to Back Bitcoin Mining
His core argument is supply. India’s domestic gold production remains extremely limited at roughly 1.5 tonnes annually. Meanwhile, the country imports around 700–720 tonnes each year, paying for those imports in dollars. This sustained outflow of foreign currency puts direct pressure on the rupee.
Bitcoin works differently. “Bitcoin you don’t have to import,” Raza said. A country can produce it at home, with no shipment and no foreign-exchange bill attached.
