The central government(India) is considering a proposal to introduce its own cryptocurrency similar to Bitcoin, according to a report in the Business Standard.
The idea to set up a blockchain for financial use was found useful by a committee of government officials who discussed the proposal.
According to the report, the government might name the cryptocurrency "Lakshmi".
Vaibhav Parikh, partner, Nishith Desai Associates, said: "I won't be surprised if the government comes up with its own cryptocurrency because banks are trying blockchain as a technology and to make blockchain work it would need some cryptocurrency."
"Since it doesn't trust Bitcoin it may come up with their own currency."
A few days ago RBI Executive Director Sudarshan Sen had talked about the central banks discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny.
He had also hinted at the need for Indias own cryptocurrency.
So Guys stay tuned here for any update about India's own cryptocurrency Lakshmi or speak your thoughts below
Here it seems that it is really a big concept of the coin in the world because we can see that day by day new new coins are entering whose real source and owner are not exposed to show but here the country's government want launch own coin , so here i think it will be a better option for us to buy this type of coin .The idea to set up a blockchain for financial use was found useful by a committee of government officials who discussed the proposal.
According to the report, the government might name the cryptocurrency "Lakshmi".
Vaibhav Parikh, partner, Nishith Desai Associates, said: "I won't be surprised if the government comes up with its own cryptocurrency because banks are trying blockchain as a technology and to make blockchain work it would need some cryptocurrency."
"Since it doesn't trust Bitcoin it may come up with their own currency."
A few days ago RBI Executive Director Sudarshan Sen had talked about the central banks discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny.
He had also hinted at the need for Indias own cryptocurrency.
So Guys stay tuned here for any update about India's own cryptocurrency Lakshmi or speak your thoughts below
About 2 months ago a big news was spreading in the bitcoin that it will ban by the government of India but in actual nothing happened and we seen that they are only thinking to regualate .
But here we are seeing that type of the change where the government of India want to something unique which is not happened yet by any country .
So may be after the bitcoin Lakshmi coin will be better coin if launch .
Well here we can wait , and can study the news in the news papers that we are getting about it since 2 days .