Bitcoin Forum

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

Can be possible as Indian PM is trying to promote digital India but also there will alot of consequences with that. Alot of regulations to be maid to make it legal and accept all over the world as well.

Yes, I saw that story a few days ago. Apparently it is a proposal from a committee of Indian government officials and some people from the Reserve Bank of India. The new coin may be called "lakshmi" or "laxmi" but will probably take a few years to be implemented because of India's rather slow and cumbersome bureaucracy.

https://www.techworm.net/2017/09/india-bitcoin-like-cryptocurrency-called-lakshmi-coin.html (https://www.techworm.net/2017/09/india-bitcoin-like-cryptocurrency-called-lakshmi-coin.html)

its interesting how in addition to the guidance/ regulation that governments are imposing on bitcoin, a few of the governments you would expect are proposing introducing national coins. this is like the most perfect situation you could possibly imagine for a government with strict capital controls in place, that wants additional value. you get the easily manipulated markets that crypto is famous for, and a government sponsored list of all transactions that have ever occurred within the system/currency.

its big brothers wet dream to have a state issued coin ;)

Narendra Modi can do that as he love new technology but introduction of this types of coin from governments is just their effort to replace bitcoin from their country which is not quite possible because a normal person with little bit knowledge of supply/demand/inflation can differentiate between all these government issued tokens and bitcoin.

Apparently the SIT has some negative impression.. Maybe they have some misgivings as well.. You know how it works in India... Lakshmi coin had to initially halt their planned ICO because of the Government..
Jamie Dimon apparently advised the RBI against cryptos ... but the SIT has not reached the final decision yet.. I wish there was a way we could influence their decision in favor of the TRUE new world order..
It time to end the centralized monopoly as it has lead to mass corruption and loss of control... 

can be. if they want it, but the most important thing is what they will give to the world. what concept they will bring. if its purpose for popular is difficult, it is very difficult to compete with bitcoin

I feel like government's are missing the point of cryptocurrency...which is decentralization of control. Every developed country in the world already has a digital currency. More transactions happen over the web, digitally, than via paper currency transactions.

Or are government's really trying to abandon their existing currency for someone new one?

Maybe the press is confused and this is really about government's shifting their transaction accounting to blockchain technology.

Someone's missing the point - it's either the governments or the press.

thats pretty much the rub. governments really dont have an issue with digital currency. we have been using what amounts to an e dollar for many many years now (since the inception of the ACH practically). any government that has an automated clearinghouse like ours is basically doing the same. so its not so much digitally represented currency as much as it is decentralized digital currency. digital essentially means liquid in this case. they dont want unkown money zipping around without any oversight; and this is pretty understandable from a state actor's perspective.


we all want bitcoin to be this huge thing beyond the reach of the government. yet I cant think of a single thing that is actually like that in the real world.

But the fact that they're creating it makes it decentralized.

I think this is really an opportunity for Governments to increase their abandonment of paper currency so (as you say) they can track transactions. If the populus likes Bitcoin and cryptocurrencies a government could say "we've created our own!" with hopes that the people don't realize that this the Government imposing more regulation and monitoring over their money and spending and saving.

We should make it known what the correlations are between this move by Government's and parallel initiatives to outlaw paper currency.

This move by government's could further speed up adoption of Bitcoin and other truly decentralized cryptocurrencies.

The concept of crypto currency is to have a decentralized freedom between its users rather than the prying eyes of the government and here the government wants to take advantage of the new system and introduce its own currency and have it regulated and i am not sure what its uses are,lets see what they are after and how they will implement it.

No it's not true. Lakshmi is from an independent developer who experimented some level of centralization in blockchain.
There's no government involved.
Here's the announcement (https://bitcointalk.org/index.php?topic=2185621.0).

that is not much of an announcement though! it seems more like a bad joke of a random throwaway account possibly even to ruin the name of the coin.

- no source code
- no website
- no link
- no proper explanation

he just says a couple of vague stuff and goes away.

i can not recall the name of the coin but i know well enough that there was in fact a project by Indian gov. to do something like that. and it is still in early stages. it is not really big or official yet.

I wanna believe even trump or ivanka coin was better than that crap centralized currency. And so? Is that a real joke has made by the government to issued their own crypto with name  lakhsmi coin?
What a best joke in this day.  :D

Yes India is going to launch its own Cryptocurrency. It will named Lakshmi coin. till now india government has not accepted any Cryptocurrency but trying to bring its own. It may lauched in few years. It will be alternative to Bitcoin .

http://yuplex.com/lakshmi-coin-new-alternative-bitcoin/ (http://yuplex.com/lakshmi-coin-new-alternative-bitcoin/)

all countries can issue coin, yeaah like this inidia although the new discourse or the plan must have not been published because of the need for in-depth study reviews
but whether it does not interfere with the economy and disrupt the value of the currency as well as its financial order.
hopefully laksmi coin fame, will be positive

even if india makes his own crypto, it will be centralized!!

imagine the money of a state owned by onknown persons and can't collect any taxes on it!

and that can be questioned, whether crypto people around india will be willing to pay taxes and willing to show their identity after this coin was released
i personally thinks that it  will be hard being supported by people who wanted the concept of bitcoin which will hide their identity in anyhow, i will check this thread and see what will be the progress regarding to this coin.

Could be very possible, India is pretty on about IT and building an economy on it. Lakshmi, I think is Sanskrit for wealth or something.
wether it fails or works its still a good way to introduce cryptocurrency and give the youth an advantage over the rest of the world. I know allot of big corporations (multi-billion dollar corps) that outsource IT to India or foreign exchange students from India.

Yes Govt of India may launch India's own cryptocurrency 'Lakshmi Coin.

Governmrnent launching a crypto-currency based on Blockchain is always a bad idea. How are they going to  control, manipulate and sanction in an enviroment of decentralized framework. The people that might contribute to it's development kqy not buy to centralized idea. At the end of it, the coin become useless.

Govt of India may launch India's own cryptocurrency 'Lakshmi Coin'Apparently it is a proposal from a committee of Indian government officials and some people from the Reserve Bank of India.
You know how it works in India... Lakshmi coin had to initially halt their planned ICO because of the Government

Hasn't Narendra Modi been the one banning all 500- and 1.000- Rupie banknotes in november last year? This cumbersome bureaucracy managed to do THAT over night. There had been death casualties in front of an india bank building in 2016.

Could not trust their lakshmi if that ever pops up anywhere. Doubtfull if it could even reach the usual trade places (Bittrex, lodging in las vegas) since regulations and such.

it is realy interesting. i hope when they release it, they won't ban other cryptocurrencies.  i wonder it is centralized or decentralized?

Indian government officials and some people from the Reserve Bank of India. The new coin may be called "lakshmi" but will probably take a few years to be implemented because of India's rather slow and cumbersome .

The launch of Lakshmi will only strengthen the position of cryptocurrencies in India. India has such a large potential marker for cryptos with highest number of internet users. Lakshmi gonna make people aware about a whole new monetary system. Since India is already trying to build a cashless society. This will gonna boost it. Moreover, many Indians are living in foreign countries, they will be benefited by this move. Also, because of China's ban, India who is arch rival won't do the same and ban Bitcoin, rather will work like Japan, a friendly country. So all in all the launch of Lakshmi gonna boost the crypto marker in india.

Indian PM is trying to promote digital India and promote cash less transaction . Narendra Modi can do that as he love new technology but introduction of this types of coin from governments is just their effort to replace bitcoin from their country.

Right. China commies beeing pretty much surrounded. Unless counting in Russia, too. And comparing India against China, and Japan against Russia. Honestly from size and numbers this isn't looking all to good. That https://www.coindesk.com/russia-likely-ban-bitcoin-payments-deputy-finance-minister-says/
And there is no country with higher cultural affinity to gold than india, to my observation. And they are probably the only country on earth who banned paper bills over night last year. Just imagine that! At least try to remember.

That is just the wrong hope looking at the outer rims of the economy. Bitcoin either makes it in the heart of the united states, for everyday purchases like pizza, or fails.

Ahahaha, sounds like fun. I think this coin will achieve nothing. It will suffer the fate of Dubaicoin.

Do you mean that was the first crytocurrency made by india communities. Well that is good to hear and I hope that coin will  succeed because in my there was also a first coin, at first there are many investors interested in this project but because they are partnering MLM their was down. I think that coin has a good future.

Being a potential pioneer of incorporating cryptocurrency into a country's government it could only end up in two things: miserably make their economy sick or make it more prosperous. But India being as it is with a country with many bright minds, the latter of the two is achievable with enough time and preparation.

It seems to me that there will be nothing important. Remember DubaiCoin. Here he entered the market and has not risen in price, what's more do not speak about it, it is not interesting coin for the community. I think Lakshmi Coin will suffer the same fate.

It would be great if India launches its own cryptocurrency. India is getting digitalized completely and its good for crypto investors.India is a huge market with second highest population. If everyone uses cryptocurrency in India, that would be a huge pump to the cryptocurrencies.