Union Finance Ministry has take a decision on a state-issued cryptocurrency soon but ban all private cryptocurrencies. The VHP leader had sought a ban on all cryptocurrencies alleging its usage to fund terrorism, drugs and other 'anti national activities'. As all private cryptocurrencies are still not considered as legal tender or coin in India, but the govt may introduce an official digital currency in India.
I think its a good decision by government.. What you guys think about it?
There can be no state cryptocurrency as such. States create digitized versions of their national currencies, that is, the stablecoins of their central banks. Digitized currencies cannot be considered cryptocurrencies. These are simply non-cash forms of calculating the national currencies of states, only working already predominantly using blockchain technology. We have yet to see the effectiveness of these digitized currencies.