Bitcoin Forum

Should RBI issue a new digital Bharatcoin?

http://www.livemint.com/Opinion/gUwOElKlYuZAj7HMyKFsFM/Should-RBI-issue-a-new-digital-Bharatcoin.html

The various prerequisites for an eventual move towards a cashless economy are gradually falling into place. India already has a new digital platform for mobile payments that is perhaps one of the best in the world. A new report by the Boston Consulting Group estimates that digital payments in India would touch $500 billion by 2020. Rajan Anandan, Google’s vice-president for South-east Asia and India, told this newspaper on Tuesday that the Indian digital payments industry is at an inflection point.

Few would remember that the Reserve Bank of India (RBI) had begun taking a serious look at the future way back in 2003, when a working group on the use of electronic money submitted its report. The central bank later seemed to have grown wary of new digital currencies such as bitcoin; it even issued formal warnings about the risks of using them. It has now decided to join the revolution through a joint committee with the finance ministry on cashless payments.

Topic that Bitcoin India Community should be discussing is being first raised by laggard print media for discussions.

Ashamed of our community's progressive thoughts, direction and vision!

Hope it will boost bitcoin adoption in India

You should take it easy and not come down too hard on anyone.

After all is it not the media's job to discuss everything, rumor or not in detail and come up with content to fill their pages?

Out here, people are generally busy with their lives and work to discuss everything under a microscope, not least fabricate articles quoting some financial figures and mostly speculation.

I can also throw up couple of quotes out of thing air, and write a few pages about it, and would anyone be interested?

As for the topic, who is really interested in a bharat coin? Not many. Sorry, don't think i'm a Kanhaiya Lal or an anti-nationalist, but very few of the alt-coins are showing  any real progress and most of them are winding down in no time.

What are the prospects of a "Bharatcoin" apart from the fancy name, when btc infrastructure in india itself is pretty much in its nascent stages? How will an alt-coin trade within India alone blossom? People are just starting to use bitcoins here at the moment..

There is a joint committee in India for everything, whether it would actually work towards achieving something of importance rather than procrastinate only time will tell.

The only advantage on these articles in print media is to add to the ever growing popularity of coins in India and that is a good thing.

I think Bitcoin's primary selling point is decentralization.
Any coin which attempts to deviate from that is no different - whether it is a "Fed"coin or a Bharatcoin.

Blockchain technology is real invention and already it is customized in better way for currency, there also few other advantages of blockchain technology.

But If we consider RBI take steps toward BHARATCOIN then ?

Bitcoin is purely decentralized. If Bhartcoin starts what will be stake distributed to public. Bcz there are already many cryptocurrencies are in market with minimum public stake and max stake to owner or admin.

Haha, the print media should really stay away from deeper topics.
Before they ask a "should" can they first investigate on whether it is even "possible" to build such a currency?

@BTCIndia, we've discussed this quite a few times over this forum.
IIRC you have been a part of few of those discussions and no one had any single point as to how a blockchain can be contained in a geography ???
Above all, if you can do so, why would you need to ;D since they already control the land.

hope it will accept bitcoin as currency ..and it will help us a lot ...kudoos☺