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Author Topic: India's new cryptocurrency - "Lakshmi"  (Read 3995 times)
Jskvishal
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September 16, 2017, 11:16:45 PM
 #1

The central government(India) is considering a proposal to introduce its own cryptocurrency similar to Bitcoin, according to a report in the Business Standard.

The idea to set up a blockchain for financial use was found useful by a committee of government officials who discussed the proposal.
According to the report, the government might name the cryptocurrency "Lakshmi".

Vaibhav Parikh, partner, Nishith Desai Associates, said: "I won't be surprised if the 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."

A few days ago RBI Executive Director Sudarshan Sen had talked about the central bank’s discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny.

He had also hinted at the need for India’s own cryptocurrency.

So Guys stay tuned here for any update about India's own cryptocurrency Lakshmi or speak your thoughts below Smiley


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September 16, 2017, 11:50:34 PM
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I don't really trust any government-run cryptos, but good for them I guess

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September 17, 2017, 12:01:42 AM
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Well there is no much details about "Lakshmi". Have you guys any official website?

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September 17, 2017, 12:05:56 AM
 #4

Yeah the way governments move we may see something come out in 5 years at best. Time will tell.
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September 17, 2017, 12:33:08 AM
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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?

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September 17, 2017, 03:55:41 AM
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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

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September 17, 2017, 04:17:49 AM
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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.

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September 17, 2017, 04:38:27 AM
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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 .
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September 17, 2017, 04:43:40 AM
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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?

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 Grin 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.

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September 17, 2017, 04:43:51 AM
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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.
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September 17, 2017, 05:16:51 AM
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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
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September 17, 2017, 05:26:18 AM
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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/
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September 17, 2017, 07:31:12 AM
 #13

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.

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September 17, 2017, 07:33:53 AM
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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

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September 17, 2017, 07:35:29 AM
 #15

The central government(India) is considering a proposal to introduce its own cryptocurrency similar to Bitcoin, according to a report in the Business Standard.

The idea to set up a blockchain for financial use was found useful by a committee of government officials who discussed the proposal.
According to the report, the government might name the cryptocurrency "Lakshmi".

Vaibhav Parikh, partner, Nishith Desai Associates, said: "I won't be surprised if the 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."

A few days ago RBI Executive Director Sudarshan Sen had talked about the central bank’s discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny.

He had also hinted at the need for India’s own cryptocurrency.

So Guys stay tuned here for any update about India's own cryptocurrency Lakshmi or speak your thoughts below Smiley


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 .


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September 17, 2017, 07:52:32 AM
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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.

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September 17, 2017, 08:10:56 AM
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The central government(India) is considering a proposal to introduce its own cryptocurrency similar to Bitcoin, according to a report in the Business Standard.

The idea to set up a blockchain for financial use was found useful by a committee of government officials who discussed the proposal.
According to the report, the government might name the cryptocurrency "Lakshmi".

Vaibhav Parikh, partner, Nishith Desai Associates, said: "I won't be surprised if the 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."

A few days ago RBI Executive Director Sudarshan Sen had talked about the central bank’s discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny.

He had also hinted at the need for India’s own cryptocurrency.

So Guys stay tuned here for any update about India's own cryptocurrency Lakshmi or speak your thoughts below Smiley


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 .
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? 

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September 17, 2017, 08:30:03 AM
 #18

The central government(India) is considering a proposal to introduce its own cryptocurrency similar to Bitcoin, according to a report in the Business Standard.

The idea to set up a blockchain for financial use was found useful by a committee of government officials who discussed the proposal.
According to the report, the government might name the cryptocurrency "Lakshmi".

Vaibhav Parikh, partner, Nishith Desai Associates, said: "I won't be surprised if the 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."

A few days ago RBI Executive Director Sudarshan Sen had talked about the central bank’s discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny.

He had also hinted at the need for India’s own cryptocurrency.

So Guys stay tuned here for any update about India's own cryptocurrency Lakshmi or speak your thoughts below Smiley



Government coin = fiat = shitcoin
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September 17, 2017, 09:06:32 AM
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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.
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September 17, 2017, 09:22:48 AM
 #20

The central government(India) is considering a proposal to introduce its own cryptocurrency similar to Bitcoin, according to a report in the Business Standard.

The idea to set up a blockchain for financial use was found useful by a committee of government officials who discussed the proposal.
According to the report, the government might name the cryptocurrency "Lakshmi".

Vaibhav Parikh, partner, Nishith Desai Associates, said: "I won't be surprised if the 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."

A few days ago RBI Executive Director Sudarshan Sen had talked about the central bank’s discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny.

He had also hinted at the need for India’s own cryptocurrency.

So Guys stay tuned here for any update about India's own cryptocurrency Lakshmi or speak your thoughts below Smiley



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.

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