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
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
Government coin = fiat = shitcoin