Kashif Raza Urges India to Promote Domestic Bitcoin Mining as Counterweight to Gold

Kashif Raza, founder of Bitinning, said India should promote domestic Bitcoin mining as a strategic counterweight to gold rather than relying mainly on import curbs. In an interview, according to BeInCrypto, he argued India cannot produce gold but can “produce” Bitcoin, keeping revenue in the economy and potentially earning dollars. Raza cited mining as one of several steps India could have taken to defend a record-low rupee near 96.9 per dollar after higher oil prices linked to the Iran conflict pushed Brent crude above $100. He criticized India’s move to raise import duty on gold and silver to 15% from 6% after Prime Minister Narendra Modi urged households in May to avoid non-essential gold purchases for a year.