India is going to launch its own cryptocurrency.
A panel constituted by Indias finance ministry might soon recommend that the country launch a government-backed cryptocurrency.
We are evaluating the government-backed cryptocurrency and crypto-token, said a senior government official privy to the discussions of the panel. And we are looking to develop and encourage our own research and development of blockchain technology, the official added, referring to the digital infrastructure on which cryptocurrencies are based.
The finance ministry panel was set up in December 2017 under Subhash Chandra Garg, secretary, department of economic affairs, to suggest measures to regulate cryptocurrencies. The panel was supposed to submit its report by July, which was later pushed to the end of the year.