Bitcoin Forum

India is going to launch its own cryptocurrency.

A panel constituted by India’s 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.

I don't get the point on why some countries are planning on making their own cryptocurrency. One of the main selling points of most cryptocurrencies is the decentralized aspect of it. A country's government making a cryptocurrency defeats that purpose. This is probably just a way for the Indian government to make more money.

But anyway, what do I know. Haven't done research about this yet.

This is a good move, other regional countries also can do it like "indicoins", "pakicoins"...

It is nothing new with countries coming up with their own crypto currencies anymore. It is good that crypto currencies are being recongised on a international level but over doing it may just turn things to negative.

https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/

I dont think this news has much credibility as Indian government is volatile like cryptocurrencies and anything can happen after the outcome from Supreme court about carpet ban on exchanges.

Can you tell me how is it a good move? Besides the security aspect compared to actually using online banking and debit/credit cards?

Not surprising....

Bash cryptocurrency just to launch your own....wouldn't be the first time banks/countries have done this.

if the cryptocurrency is adopted by the government, I think it will eliminate the concept of cryptocurrency as a decentralized currency, and that means the government will certainly implement a centralized system such as fiat currency in general. I just wondered if this would have more value for cryptocurrency users who had been intervened by the government.

centralised rubbish that will fail

this is nothing like the decentralised trustless crypto currency bitcoin etc

As much as how I agree with that statement, chances are that they will still make significant money with it, which is probably their main goal in the first place. If the Indian government were to continue with this plan, I honestly expect it to be the same with the Venezuelan Petro. A fork of a certain coin.

Well the writer had a point in bringing something like this "If a virtual currency is going to be backed by the government then it goes against the whole grain of such coins" Then it is trying to losses its meaning and they say that the government might ban other Cryptocurrency, In my opinion, this Kind of digital currency will not survive alone and without the back panel of bitcoin exchange I really think it will not survive, Just like other altcoins out there so I really think this is not actually a cryptocurrency they are making or they are just bluffing in doing such things.

Of course, such a cryptocurrency can only be centralized. In itself, the government’s intention to create its own cryptocurrency is already a positive step. This means that cryptocurrency in India will not be prohibited. There will be a centralized cryptocurrency, it will also positively affect the use of decentralized cryptocurrency. If we are confident in the advantage of decentralized cryptocurrency over centralized, then we have nothing to fear.

but didn't they start working on their own government backed cryptocurrency about a year ago? i remember distinctly reading that there was an Indian coin coming with their government behind it. and this was about the time the drama in India over bitcoin started and bitcoin price over there shoot up to about 40% higher than USD markets!

If a country launches its own cryptocurrency, it is unlikely that the cryptocurrency will be a decentralized one. It may seem like a good news that the government of India is launching its own cryptocurrency, but the centralization of a cryptocurrency will not be good idea.

there is no likelihood, they will definitely launch a centralized cryptocurrency and it has nothing to do with the whole cryptocurrency scene in my opinion and if anything this can be a good thing for bitcoin because based on what we have seen in the past with a country like Venezuela and their centralized altcoin called Petro, these kinds of projects introduce bitcoin to people alongside this centralized government-coin. and that is a good thing overall.

I think this is good progress in India. With the cryptocurrency that will be made by the Indian government. But, is there a news link that you share here? please attach to complete this news for readers. Thank you.

What about some links?care to share some?Because this is just a hearsay without any corresponding links that will proved about indias plan of creating own crypto coin,and besides I can’t see any reason why they need to make their own while ,Rural Bank of India(RBI)has a restriction about crypto usage

Can you post the link where you got this news?

Because as far as I know there is no news about the crypto currency in India and the finance minister said they are going to legalize the crypto currency in their country and also arranged some group of people for that but there is nothing beyond that in my kowledge.

That is good news for the electronic money market. This suggests that the Indian Bitcoin market has had a remarkable growth process. The outlook for the ban appears almost unlikely in the Asian country, that in time recently witnessed a sharp increase in awareness and receipt of electronic money, particularly with Bitcoin.

Although I haven't personally researched this as yet, I do feel that one of the major components of cryptocurrency (decentralization) is being undermined by a government-owned system. I am happy to be proven wrong, but that is my views on the current circumstances

This is a good move. It's a good news for the development of the cryptocurrency itself. Hopefully with this we can sort out what's really good to invest.

Eventually all coins will launch their own cryptocurrency. If venezuela succeeds in turning around their economy with the petro you can guarantee that everyone else will follow, especially those with struggling economies

Its good they are looking into blockchain technology. Its a surprising news just after the ban of the cryptocurrency by their Government and Reserve Bank. Hope to hear more about it.

wow if india want to make their own cryptocurrencies, india will be lead in the cryptocurreny because after they accept bitcoin they will makes their own cryptrocurrency, so i think we can see a good news in here, its not for india but all country in the world woll affected because of this news

they are just digitizing their national currency and naming it Crypto - and I bet it will be heavily centralized, to track every financial movement of the citizens.

cryptocurenccy as a decentralized currency. If the government adopts cryptocurenccy, then I think it will eliminate the cryptorurenccy concept. Because the government will implement regulatory regulations such as fiat money.

on july 28, 2018 The Indian government has reported completion of the draft regulatory framework for cryptocurrency. It's good news also that A New Indian Express wrote on Saturday that their government is "likely to issue guidelines in a September cryptocurrency." If this is their regulation we can not do that anymore. it's a very good news for the development of the crypto currency itself, hopefully that will help it in a way that's really good to invest

Remember that not all cryptocoins are decentralized, some of them are actually regulated or controlled by someone, so I think India would make its own cryptocurrency regulated, however there are lots of pros and cons with a regulated crypto, lets just hope that India will do well.

Yes, I can only hope that this provides an opportunity for other countries who want to consider those who want to reject cryptocurrency. if you don't accept bitcoin, at least they support the existence of cryptocurrency by making their country's currency in the crypto version

It makes little to no difference in foregoing of the general crypto market. If every country tries to create their own crypto then it will only create havoc.

They banned crypto trading just to develop and avoid competition with its national cryptocurrency

I see this as a very good news, if the government can prove to the population that crypto currency works, then more people will get interested into crypto currency and many of them will try to get hands on the only real crypto currency anyone needs to have some of, Bitcoins.

I doubt any such things are happeneing. It is the committee set up to explore blockchain technology and not for creating India's own cryptocurrency. I don't know which news portal broke that news, but it fake to the core without any solid back ground!!

The effort has been going on to explore and use blockchain technology in land records and energy sector. But no discussion regarding own crypto is ongoing for sure!

Lol sounds interesting. However, it might affect the principal of decentralization of crypto. Let's see how it goes.

Hello,

I don’t heard before that India is crypto fan country. It is good for general knowing and acceptance about crypto but I really don’t understand what is the purpose for a country and furthermore how it could behave with country’s fiat. I understand that it could be less subject to devaluation but if fiat is in bad mood with low trust how could the crypto be different ?

The intention of the Indian government to make its own crypto currency is a positive step. This means that crypto currency in India will not be restricted. That would be a good step, and also a good news for developing crypto currency. Because if the government adopts a crypto currency, then I think this will encourage the concept of crypto currency as a decentralized currency and it will be of great benefit in future.

this could have been the reason why india banning bitcoin because they cant control it so they will create their own that they have control of, anyway can you provide link on this statement? that would be interesting to read..

creation of a centralized coin by the government doesn't mean freedom of decentralized cryptocurrencies at all.
in fact you don't know what their government is going to do. they may end up feeling the need to force their centralized coin on their people and to do that they may ban anything else so that people don't have any other option but their coin.

what different other laxmicoin?

You should not be so categorically negative about the government of India in relation to cryptocurrency. The commission created by them came to the conclusion that the cryptocurrency can be used as a means of payment. They sent their representatives to gain experience in regulating cryptocurrency in countries with a friendly attitude to cryptocurrency. I see that in India only the Reserve Bank is very negative about cryptocurrency.
In the intention to release my centralized cryptocurrency, I do not see anything wrong. This will only increase the interest of the Indian population in the decentralized cryptocurrency, if they see that the state itself creates its own cryptocurrency.

You’re right. What’s the point of having a digital currency if we don’t take advantage of its virtual and decentralized nature? However, do you think the world is ready to have a global currency?

India people nowdays so hitech. many of them is IT. they human resource are promising in IT development. Now they want to be make a crypto economics with their own version, maybe they will be competed market BTC with other country motly like china.

Perhaps, this is how they want to show their power to other countries, and the government wants to follow the cryptocurrency journey, and finally, the India government create their cryptocurrency. But I think some of the countries are ready to have a global currency although the other country still researches about cryptocurrency. And if the India government succeed to do this, I think the other countries will follow, and the coin list in the coinmarketcap will grow bigger.

I think they only evaluate and reviewing cryptocurrencies that will be supported by their own government. There is no correct evidence that they will make cryptocurrencies themselves.