Bitcoin Forum

Wrong information!

I don't really trust any government-run cryptos, but good for them I guess

Well there is no much details about "Lakshmi". Have you guys any official website?

Yeah the way governments move we may see something come out in 5 years at best. Time will tell.

lakshmi.. so now the government of India strongly supports crypto. this is good news, may soon be realized and can be followed by other countries.

can you give the news link?

Another country has decided to realize the advantages of blockade technology in its country. Creation of its crypto currency in India - lakhsma will have a beneficial effect both on India and on the crypto-currency world as a whole. After all, the population of India is huge and it is quite large

Good to hear that a government is creating a crypto, though it doesn't mean it's legalizing all cryptocoins, accepting the technology is too a great step.

It looks interesting a government it's own crypto currency .
Is there any official forum!?

I can't find it please provide link if any .

It actually came in the newspaper today and I think that's why OP has made this post. India is in the process to legalize Bitcoin trading but I guess its having trust issues on Bitcoin ;D and so they have decided to make their own coin. Using the blockchain technology and creating a new crypto coin will then make many Indians to move towards Bitcoin eventually and that will we benefit towards the crypto market as well. May be if many people decide to move towards Bitcoin I think it will reach its $10k target soon.

Do we really think any cryptocurrency created by a government is going to be fully trustless and decentralised? Maybe in the more distant future but for now I think we'll only see centralized play money.

Agree with you
No government can regulate a fully decentralised currency

News flowing in top Indian media sites.

http://www.moneycontrol.com/news/business/economy/government-mulling-indias-own-cryptocurrency-2389629.html

http://www.deccanchronicle.com/business/economy/160917/govt-may-launch-indias-own-cryptocurrency-lakshmi-reports.html

https://inc42.com/buzz/indian-government-cryptocurrency/

what exactly Lakshmi means in English? Why this name is considered for this currency? If India people will invest, They will surely in their own currency may be making it a big name as there is more than 1 billion people there. Think what If this currency is adopted in whole india for business and trade. Big explode in price. Seems a good investment.

Wow thats excitting,a new crypto-currency of India...Name is exciting as well Lakshmi...dont know how much reality in this....but if it would happen then i would be excited to see how it works

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 .
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 .

Yes the news is true.Lakshmi is a Hindi as well as Telugu word which means Prosperity,Wealth or Fortune.I am looking into it.I am eager to buy it.Don't know what price they put it initially.But sources says that every country is planning to implement their own crypto currency.If this happens then there will be a risk for Bitcoin and decentralized system.

If they are going to launch this coin, It will be a confused state to invest in this. As govt try to regulate this currency and its price, then how will they regulate its price? After media to much news about this coin. many investors will try to get coins in pre ico and ico period if they launch, seeing this a big opportunity to earn a big profit as India a big market. Govt will then try to implement it nation wide to use for all purposes and then price will increase day by day but I dont get the idea that how will govt control its price ups and down? 

Government coin = fiat = shitcoin

I also heard about "Lakshmi" I read on social media platform that RBI is planning to make its own cryptocurrency. but don't know the credibility of the news whether it's true or not. If it's true then soon India will be a big market to adopt this. But important thing is that whether it will survive or not in highly competitive market.

I don't believe that Indian government will adapt cryptocurrency in any way.

Why?

1. The whole government is dependent on taxes, if you use cryptocurrency, you can never figure out taxes.

2. If they can make a system to put up taxes, the whole currency will be controlled by the government, and it will be another corrupt project, where everyone will lose money, politicians, government, officials, everyone will get their share, and you know who will lose money. Be wise.

3.The war of government and cryptos is going on from years, not 2-3, but more than 20-30 behind the scenes. They have tried to ban it, control it, own it, but still fails to do so. So no crypto currency backed by the government.


People need to learn what a crypto currency actually is. It means you control your money, nobody else does.

You need to look into the project, the team, before investing in anything.

Don't ever put your money in greed, put your money in believe or to try out anything with a small amount first.

There may be huge profits in cryptos, but losses are huge too.

People always lose money in scam project, research before investing that you are not investing in someone's scam who is promising that the project is backed by government.

If the government releases any such project, there will be official declaration and a lot of publicity about its use and what it is.

Be wise, choice is yours.

Is this a Goverment backed crypto currency or not?

HAHAHAHA, is the Indian government a scam?

I heard govt is considering a proposal to introduce its own cryptocurrency similar to Bitcoin named "Lakshmi". Even I will not be surprised If the government comes up with its own cryptocurrency. Government is planning because of Bitcoin gaining popularity.
  Some days back Sudarshan Sen, Executive Director RBI hinted India need to have its own cryptocurrency. Some other countries also considering its own cryptocurrency. If India have its own cryptocurrency that would be a positive move from a big market like India.

At least if government releases its own coin then we be rest assured that is not a Scam. It also will have backing from government to be an effective alternate currency for certain type of transactions.

So if India launches their own crypto currency in the form of "Lakshmi" then will they ban bitcoin in India or declare it as a illegal currency?

Is it a real currency developed by government ?

I don't think that they will ban Bitcoin. If government of India launches their own cryptocurrency, then it will be easy for people to buy Lakshmi through banks and in turn would be easy to convert Lakshmi to Bitcoin through exchanges. So, if government bans Bitcoin, then also Bitcoin trading and investment could be easily done and people will be able to withdraw their money to their Banks just by converting it into Lakshmi. Therefore, it won't be effective to ban Bitcoin in such circumstances.

I have the same question..

I heard news like India is going to adopt bitcoins in coming days, and I saw some news channel is talking about this topic. But the OP is saying they are launching the new coin in the name of Lakshmi. If they introduce this coin then why they will support bitcoin. This is totally confusing let's wait and see until the official news come from Indian governament.

interesting news, Im working in huge India company - have to ask some friends from India to make research for me on Hindi websites :)

Regards

I am cautiously optimistic regarding this news. The Indian government does not have a great opinion regarding bitcoin which makes this news tough to believe. Hopefully, the government will embrace bitcoin in the near future. Bitcoin value will blow up if this happens. ;D

I knew a girl named Lakshmi. She had saggy tit.
I hope that Lakshmi Crypto does not have saggy ROIs

If the Lakshmi has a percent fee for transfers, India can get moneys. It could be a very smart thing.

Coins and Moneys in the real world can be burned or minted, so too can the Lakshmi. If they hire someone to code the Lakshmi to do these things it can be good.

HAHAHAHA, this is f*cking stupid.

They don't trust Bitcoin so they will create their own, centralized fiat cryptocurrency? Sounds like Onecoin.

I will not buy it or support it. If more countries try this idea, it will be very problematic to the blockchain community.
The whole idea behind cryptocurrency was to get rid of central banks, but now banks are starting to issue their own coins. Do NOT support them. It's just another form of fiat, and the elite will get most of the coins before it's launched to the public.

When someone says they don't trust Bitcoin, it just means they're angry they don't own it.  ;)

Yes already gone through most of these news and have summed it up for you all. You can check this article and I guess it can be really helpful in knowing about India's First Cryptocurrency - https://bitcoinsmantra.com/lakshmi-indian-cryptocurrency/

Cheers
Esther