Indian Government considering official crypto currency codenamed "Lakshmi"

[Somz1]

The Central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin.

Sources close to the development said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.

Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.

[onrise]

Should this be considered as an positive side to look that India is atleast realising  the importance of this technology and does not want to stay behind so might introduced thier own coin.

Or should this be seen in this way that introducing thier own coin means they may put a ban on all other coins in India and those interested may use this coin only .

[@prashant]

I think "lakshmi" project was something else not related to blockchain technology at all and its ideas was long ago proposed in financial meetings in government departments.and RBI will not allow any such project ,there are still not approving usage of blockchain technology to secure their data.

[Somz1]

I think "lakshmi" project was something else not related to blockchain technology at all and its ideas was long ago proposed in financial meetings in government departments.and RBI will not allow any such project ,there are still not approving usage of blockchain technology to secure their data.

You got it confused with something else,this is a new project still in r&d,it will run on blockchain for banks and other sectors

[Somz1]

Should this be considered as an positive side to look that India is atleast realising  the importance of this technology and does not want to stay behind so might introduced thier own coin.

Or should this be seen in this way that introducing thier own coin means they may put a ban on all other coins in India and those interested may use this coin only .

It should be taken  in neutral to negative range.
The government agrees that blockchain potential is huge but at the same time are not convinced by bitcoin

[endlasuresh]

Nice to hear, as India is taking some steps against Cryptocurrency for digital Indians. The Lakshmi word is really good might make profits to most Indians. Hoping to hear some more good news in future for investments.

[@prashant]

I think "lakshmi" project was something else not related to blockchain technology at all and its ideas was long ago proposed in financial meetings in government departments.and RBI will not allow any such project ,there are still not approving usage of blockchain technology to secure their data.

You got it confused with something else,this is a new project still in r&d,it will run on blockchain for banks and other sectors

now i have heard it ,there are rumour about it but there is no report regarding it,it started recently when RBI head attended a blockchain conference in Delhi but it is very difficult to initialise such project and if government give permission to such project then it will digital currency similar to other digital currency ,fixed price not virtual currency .

[Virtual miner]

The Central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin.

Sources close to the development said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.

Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.

I dont understand how can they create a so called regulated cryptocurrency? If a cryptocurrency is regulated it loses a big trait of crypto that is the independence. Moreover India is still an developing economy. Many people still dont have phones or PC. Its a long way to go for this currency.

[endlasuresh]

The Central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin.

Sources close to the development said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.

Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.

I dont understand how can they create a so called regulated cryptocurrency? If a cryptocurrency is regulated it loses a big trait of crypto that is the independence. Moreover India is still an developing economy. Many people still dont have phones or PC. Its a long way to go for this currency.

They do what they want and no one cannot stop them since they are cheer leaders to scam people. I am looking for the next elections how do they circulate the money?
They even don't distribute cellphones to poor people that's a way to make money.

[iram3130]

Is there any official statement about this.?
As far as I know Lakshmi project is about implementing blockchain in our regular life. Let's see what they have planned to do.

[kabit9]

please don't post such nonsensical information without quoting the source.

The Central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin.

Sources close to the development said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.

Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.

whatever news article you pasted this from, mentions absolutely nothing about Lakshmi Coin.

however I did see a big pump and dump in Lakshmi coin happening on nova-exchange in the past few days, so perhaps that was you...

[Somz1]

please don't post such nonsensical information without quoting the source.

The Central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin.

Sources close to the development said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.

Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process.

whatever news article you pasted this from, mentions absolutely nothing about Lakshmi Coin.

however I did see a big pump and dump in Lakshmi coin happening on nova-exchange in the past few days, so perhaps that was you...

What the fuck are you on about?
I'm talking about a future centralized currency that is being researched, by Indian government, to be bought out in "FUTURE". It's not even live yet
Did you even read the post?

[SimonJones]

Where's the source of this news? Looks like it's just a rumour.

[Somz1]

Where's the source of this news? Looks like it's just a rumour.

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


http://wap.business-standard.com/article-amp/economy-policy/govt-considering-its-own-cryptocurrency-117091600051_1.html

http://www.gr8ambitionz.com/2017/09/indias-own-cryptocurrency-lakshmi.html?m=1

http://kryptomoney.com/latest-cryptocurrency-news-india-may-launch-its-own-cryptocurrency/

www.techworm.net/2017/09/india-bitcoin-like-cryptocurrency-called-lakshmi-coin.html/amp

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

[atc1-REAL]

If I'm not mistaken, some altcoin of the same name was created a couple of years ago. Never even showed up on coinwarz and it ended up being one of those weekly pump and dump type of coin. The coin mod tried to make it work, but in the glut of the altcoins those days, it never stood a chance.

[Nikhilk]

Beware of fake websites like laxmicoin.com, laxmicoin.trade
I think they are just using name of laxmicoin to make money

[Somz1]

sure it has nothing to do with https://bitcointalk.org/index.php?topic=287485.0 ?

THIS POST IS ABOUT A POTENTIAL CURRENCY THAT INDIAN GOVERNMENT MAY RELEASE IN FUTURE

Is it that hard to understand?
Ffs

[cxihub]

I have heard Laxmi coin since 2014. I guess this is a rumour and if its possible then government has publicly announced it.

[akablackhat]

As the blockchain technology matures, its benefits become seemingly obvious; however, for it to replace traditional currency will still require much change in how the banking institutions function

[goyal.dkg]

until indian govt announce it officially it is just a rumor ..
it was also in rumor 1-2 years back .. now again ,, first of all indian govt is confused on bitcoin and other crypto currencies , our govt need a lot of time to understand this model and usage , and i am damn sure it will not be launched even till 2019 .