Kashif Raza Says India Can’t Produce Gold

The article argues that India should encourage domestic Bitcoin mining as a way to reduce pressure on the rupee and offset costly gold imports. Kashif Raza of Bitinning says India cannot produce gold at scale but can mine Bitcoin locally, keeping revenue in-country and potentially earning dollars through exports. His comments follow India’s move to raise gold and silver import duty to 15% from 6% and Prime Minister Modi’s call to curb non-essential gold buying. Raza frames gold as a cultural necessity rather than a true investment for many households, so higher duties may mainly hurt consumers. He also points to India’s weak rupee, record-low levels near 96.9 per dollar, and the country’s large annual gold import bill as reasons to support a homegrown Bitcoin industry. The piece is more of a policy and market commentary than a direct market event, but it is broadly constructive for Bitcoin’s narrative as a store of value and alternative to gold.