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
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.