Bitcoin Forum

According to a report in Business Standard, sources in the government said that a committee was set up to discuss the proposal of having India’s own cryptocurrency, as an alternative to the Indian rupee. the reserve bank's chairman said in a committee that they are not comfortable about the non-fiat cryptocurreny like bitcoin. so they launch there own cryptocurrency in india known as "lakshmi". also this would require the amendement of the currency act.  So could this decision lead to a major effect on the market of bitcoins or not??? 

It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.

these so called governments are nothing but a banker cartel...

Countries and banks just try to get in on the profit. If they see what bitcoin did in a couple of years, you can't blame them for trying to get a piece of the cake. However like with fiat money it's so stupid that if you go abroad you need to exchange your money for foreign currency. What bitcoin can do is making 1 universal coin for all countries. Hope this new trend is soon to be taken down and bitcoin will rise as the sole contender.

You are right. Countries and banks can even start their own crypto-currencies, but if it will be only valid in that one country, bitcoin will still be THE global payment method.

Bitcoin is better considered as an assest as it is not suitable for day to day payment transactions. For payment methods, new coins and tokens are and will dominate the market. That's one reason why we're seeing individual firms making their payment tokens.

The point is the all of the official cryptocurrencies will be centralized, taking the core concept of bitcoin and digital currencies out of it. Only good thing that can happen with this is more people may end up understanding about bitcoin and its value.
But your concern is correct too, it can go either way, lets just hope for the bitcoin sake that it only boost it.

First Dubai then India if all that report applied that means we are in the right track for government official adaptation to blockchain technologies .
Thank you

Some months Citibank announce that they gonna lauch their own altcoin soon and they gonna adopted bitcoin payment system.
However, developing country like India cannot o with bitcoin payment option and earning method as they have the over population in the country and other educated people will affect because of it

It has nothing to do with governments wanting to have their own currency, but some important people trying to make a profit. This will not affect bitcoin, not in the long term. But it shows that there's a growing interest.

Why it's not suitable for day to day transactions?
If you think it is about the volatility then it is same for all tokens. Can these tokens provide security like Bitcoin? Or Have you seen anyone accepting new tokens as a payment? It's just NO! There are shitload of other alts trying to compete with Bitcoin, some are good and majority of them are just dust

Governments/Banks cannot compete in the cryptocurrency environment. They will fail because they lack skill and brain power.

I dont think this would get succeeded into market if each govt proposes her own crypto forgetting their current fiat. Really interesting part is that, the govts are seeing a great impact of crypto currency and its secured system best than their current fiat system. Adaption of new things are welcomed. Maintaining the current fiat system is very challenging for the government than adapting a new crypto currency.

Looks like they are just pulling the strings to get the profits from crypto currencies. I don't understand why country like India wanna go for crypto currencies. They don't have that much infrastructure to handle all the mess that might arise from it. It's not just about that but also other major issues in India like farmers are not living the lifestyle they should live, they don't even get food for one time being a farmer because they just dint have much value in the market. They should solve such internal issues first then move towards digital stuff like crypto which is like futuristic to India, no offence by the way.

I heard Dubai will also be creating their own cryptocurrency.

https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrency

India launching a cryptocurrency would be a big step towards the mass adoption of crypto (which I think is still quite far away)

This will be very interesting.
I bet few countries cryptocoins are going to be hacked. As they are really bad in cyber security.
Can you imagine that central bank of x country wallet hacked? lol this will be really funny.

This is fucking god damn exhausting.  ::)

Uhh what the fuck for ?

AND.. more importantly.. WHAT ?

Seriously what ?
What are they going to "launch" (code word for ICO ?)
You mean a "crypto currency" ?
What another one ?
Seriously like WTF ?
I have not seen any reply here but on this topic but i guarantee no one asked or cared....... WHAT.
They just see ICO investment penny stocks on centralized govt controlled exchanges ROI's. $$$

Same shit.. different pile.
What another country coin ?
What like AUR ?
How did that work out ?

You are all insufferable.  ::)

the popularity of bitcoin is growing everyday and since it has always been open source and under MIT license everyone uses it somehow.

these government-issued-cryptocurrencies are not new. there are a dozen of them at least. many of them started working on the project a while ago and some of them are starting this year with the growth that bitcoin has.
the blockchain technology is obviously something very interesting and useful. but it remains to be seen if they can successfully create something useful from this technology and improve the banking system or just create something centralize and fail.

50% of population in India are homeless. What the heck are they trying to prove with this national cryptocurrency?!

I think Dubai is also in the same race and after them India is following too ! That's sounds pretty good impact of the bitcoin or crypto currencies over the different countries. I'm wondering why India took the sudden decision of creating their own crypto currency. They are really trying to make the India a digital country with fully equipped technologies from around the world. I'm sure they might be having some sort of future plan with the so called "Laxmi" coin. This might be probably to attract the fellow Indians to invest money into this coin which will ultimately go into the Indian economy itself thus the countrys money stays in the country itself. That could be the real play but it would be exciting to see how people will react to the coin which is completely centralised under the government regulation.

and it will be like other coins that we can view in market. From many countries people produce the hundrets of coins. Or it will be at the state level?

This is just to look into the proposal of settig up one, this is not a small decision to make as you people make it to look, even if they want to this make take more time than initially anticipated

The launch of lakshami coin in India is not yet confirmed by any official source but I won’t be surprised if the Indian government comes up with its own cryptocurrency because banks are trying blockchain as a technology and to make blockchain work it would need some cryptocurrency. Since it doesn’t trust Bitcoin it may come up with their own currency.

However, I can't find a single country that has launched its own crypto currency and become successful with. It will just be another commodity and you can't even trade it outside. If they want to try blockchain then they can used it to their banking system. They don't trust bitcoin and either their fiat. Remember that they have demonetized their system. But I don't know if they succeed in their goal of really purged the market with black money. And lately there are news that they are going to regulate bitcoin so let just see how everything pans out. I think they should reconsider bitcoin because the Indian bitcoin community will really benefited from it. They should follow what Japan did to their country. Adopt and embrace bitcoin.

Even if India lauches its own crypto currency bitcoin will still survive and the users of bitcoins will continue to use it no matter even if there is any other crypto..by the way what would be the price of Lakshmi?

Until there is no official confirmation from respective Indian authorities, it's hard to tell what effects such lakshmi launch will have on the crypto- community. To me, it will result positively anyway  :)

It seems after all that talk about crypto currency not going to succed in terms of being a viable asset is just nonsense cause in the end their just going to make their own altcoin or it is just they hate the decentralized currency so much will they that is one of the main perks of bitcoin. I think if their planning to make their own token it could potentially fail or succeed if the people chose to use it or not. Who knows.

This was always on the cards, expect more countries to develop their block chains, which may replays fiat national currencies in the long term. Only problem here would be centralization.

many countries want to do it. But what about the situation w Crytocurrencies on Indian market

please include the source link i want to read too, after dubai now india and if this is true then the popularity of crypto currency will get better

I do not believe in such a development. I think that India will go towards the creation of electronic money which will directly be related to the rupee. It will not be a cryptocurrency in the classical sense, and it will be completely under the control of the government. This way will use all the countries to stop the advance of bitcoin.

Well, it seems like a bad option at first but if you implement it in right way than you may get some extra ordinary results. But why not go with bitcoins? It already has well established and secure system and has all the customization feature you need to make it yours, other than that, it’s globally accepted by most.

it's very interesting that situation. I hope that it's a fake news.

It's not a good point for the Bitcoin for me. Because a state could delete one of its challenger.

Bitcoin is just still legal in India, so why ?

Government trying to form their own centralized cryptocurrency since they have seen that bitcoin is uncontrollable. They should go ahead and let us see who is going to be dumb enough to make use of what they have.

I do not really see how this would be of much importance even to the crypto society and apparently will not even be a global currency.

Eventually, most people in India will stick to bitcoin as their preferred payment method, leaving the government with her own digital currency. Although, the good thing about these whole thing is that it is obvious blockchain technology is making a huge impact all over the world.

Just as I expected, someday there will be a time when the countries competing to have their own digital currency. Their reason is for transparency of transaction but there maybe big plans behind it. The effect to Bitcoin I’m somewhat dubious because of the different market share and possibly "laxmi" is just equivalent to another altcoin.

ya you are right and i hope it will take the value of bitcoin even higher

ya it  may be true what you said but just as a matter of fact if we start considering the comparison of population of different countries then INDIA being at no.2 can match with bitcoin if there population started to stick with there own cryptocurrency rather than bitcoin

It is not only that bitcoin cannot fulfill the needs of such a great population but India is well aware of the future of money. The idea of handling all financial matters with digital currencies is more powerful than any crypto coin itself.

Bitcoin gave two new ideas to whole world; digital currencies and blockchain technology. Many companies want to use the blockchain technology in some other way for security purpose.

This is a good news for crypro community. Someone should really start this innovation to introduce to the world of tradional market. Despite of some countries trying to block this, India will be a great influence since the country is known to technology

Lol, you're cute :) You realize governments and banks CAN and WILL pay developers and professional teams to take care of projects like these?

It has nothing to do with governments wanting to have their own currency, but some important people trying to make a profit. This will not affect bitcoin, not in the long term. But it shows that there's a growing interest. ;)

If governments make their own crypto, Im guessing they will make them unlimited. We allready have one such coin, Doge. Its value is not very high.

Such country specific particularly developing one are coming up with their own CC.. I think that wont succeed , recently India disowned its own currency n launched new one.. who can assure they wont do with their to be CC ?

i heard that China is also launch its own cryptos, maybe the ambitious country all have their own development of cryptos, but i cant see the future except the the executive order forced the promotion

Japan said in a few days ago to launch its own encrypted currency, but it seems just that will be launched without a fixed date, so this argument is unreliable

Instead working from scratch they should adopt doge or Digicoin :P

That is a very good idea -one country-one crypto. And on the top level -BTC

Bring it on, I'll buy some Bhang with Lakshmi ;D

Seriously though crypto is now truly getting started in the mainstream

Way earlier than I anticipated!

Governments are still unsure what to do with cryptocurrencies. Cryptos will destroy the traditional payment system and it would be difficult for the government to tax it and control the flow of currency. But the crypto tech is coming unstoppable.

Even if several countries create their own cryptocurrencies, unless they ban BTC, I believe BTC will continue having the value that it has, simly because it is the 1st cryptocurrency, and by now, adopted by many users. Maybe until they create their coins, there will be more users of BTC, thus making BTC more valuable.
For the part of adopting a crypto besides their own fiat, that yes, would be interesting as I believe both the coins will have their use, and would sustain better the financial system of the countries!

cant see the reason to launch his own currency from the time that is in the list of poorest counties in the world
https://www.gfmag.com/global-data/economic-data/the-poorest-countries-in-the-world?page=12

To my opinion we can discuss about national cryptocurrency very soon. The trend in the development of cryptocurrencies sphere allows to do such analysis.
Many countries saying that they will create new country crytpo currency. Anyway still all this just talkings.

Just read that a few months ago, and felt really good, by then everyone would be aware of crypto currency and bitcoin. Hope by then it wouldn't be too late. Most of them would be kicking for missing the train  >:(

Indian government is totally confused in deciding about bitcoin.At first,when the indian police caught five youths in the capital city using drugs and found to have bought it with bitcoins,the government discussed to declare bitcoin a illegal.Then a sudden U-turn and formed committee for giving recommendations to legalize digital currencies.

And now,it has decided to launch its own crypto currency "Lakshmi".

It seems that after severe economic crisis due to demonitization and very high GST tax announcement,the indian government is just trying to divert the attention of the people.

I think the introduction of their own cryptocurrency stems out from the fact that bitcoin had been a success. However, right now, unless they would ban bitcoins and altcoins alike in their country and require their own to be used, it would be their only way to jump-start the recognition of their own cryptocurrency in the market. I think India have seen the potential of bitcoins and wants to capitalize on it by way of introducing their own.