India's new Cryptocurrency?

[Kripto_adam]

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

Is this a Goverment backed crypto currency or not?

[lakimens]

Lakshmi (/ˈləksmiː/; Sanskrit: लक्ष्मी, IAST: lakṣmī) or Laxmi, is the Hindu goddess of wealth, fortune and prosperity. She is the wife and shakti (energy) of Vishnu, one of the principal deities of Hinduism and the Supreme Being in the Vaishnavism Tradition.

HAHAHAHA, is the Indian government a scam?

[jasindu36]

I heard govt is considering a proposal to introduce its own cryptocurrency similar to Bitcoin named "Lakshmi". Even I will not be surprised If the government comes up with its own cryptocurrency. Government is planning because of Bitcoin gaining popularity.
  Some days back Sudarshan Sen, Executive Director RBI hinted India need to have its own cryptocurrency. Some other countries also considering its own cryptocurrency. If India have its own cryptocurrency that would be a positive move from a big market like India.

[samy_voc]

At least if government releases its own coin then we be rest assured that is not a Scam. It also will have backing from government to be an effective alternate currency for certain type of transactions.

[msarro]

So if India launches their own crypto currency in the form of "Lakshmi" then will they ban bitcoin in India or declare it as a illegal currency?

[speakoo]

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

Is it a real currency developed by government ?

[dart vader]

So if India launches their own crypto currency in the form of "Lakshmi" then will they ban bitcoin in India or declare it as a illegal currency?

I don't think that they will ban Bitcoin. If government of India launches their own cryptocurrency, then it will be easy for people to buy Lakshmi through banks and in turn would be easy to convert Lakshmi to Bitcoin through exchanges. So, if government bans Bitcoin, then also Bitcoin trading and investment could be easily done and people will be able to withdraw their money to their Banks just by converting it into Lakshmi. Therefore, it won't be effective to ban Bitcoin in such circumstances.

[ashu711]

cryptocurrency grow very fast in world so all country want to work in this policy. india try to
launch lakshmi coin in this diwali.

[BogdanGFTP]

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

Is it a real currency developed by government ?

I have the same question..

[bitcoinmasterlord]

So if India launches their own crypto currency in the form of "Lakshmi" then will they ban bitcoin in India or declare it as a illegal currency?

I don't think that they will ban Bitcoin. If government of India launches their own cryptocurrency, then it will be easy for people to buy Lakshmi through banks and in turn would be easy to convert Lakshmi to Bitcoin through exchanges. So, if government bans Bitcoin, then also Bitcoin trading and investment could be easily done and people will be able to withdraw their money to their Banks just by converting it into Lakshmi. Therefore, it won't be effective to ban Bitcoin in such circumstances.

I heard news like India is going to adopt bitcoins in coming days, and I saw some news channel is talking about this topic. But the OP is saying they are launching the new coin in the name of Lakshmi. If they introduce this coin then why they will support bitcoin. This is totally confusing let's wait and see until the official news come from Indian governament.

[Mumbo]

interesting news, Im working in huge India company - have to ask some friends from India to make research for me on Hindi websites

Regards

[3kpk3]

I am cautiously optimistic regarding this news. The Indian government does not have a great opinion regarding bitcoin which makes this news tough to believe. Hopefully, the government will embrace bitcoin in the near future. Bitcoin value will blow up if this happens.

[WinLikeStupid]

I knew a girl named Lakshmi. She had saggy tit.
I hope that Lakshmi Crypto does not have saggy ROIs

If the Lakshmi has a percent fee for transfers, India can get moneys. It could be a very smart thing.

Coins and Moneys in the real world can be burned or minted, so too can the Lakshmi. If they hire someone to code the Lakshmi to do these things it can be good.

[Goldsheik]

HAHAHAHA, this is f*cking stupid.

They don't trust Bitcoin so they will create their own, centralized fiat cryptocurrency? Sounds like Onecoin.

I will not buy it or support it. If more countries try this idea, it will be very problematic to the blockchain community.
The whole idea behind cryptocurrency was to get rid of central banks, but now banks are starting to issue their own coins. Do NOT support them. It's just another form of fiat, and the elite will get most of the coins before it's launched to the public.

When someone says they don't trust Bitcoin, it just means they're angry they don't own it. 

[justclickin]

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/

Yes already gone through most of these news and have summed it up for you all. You can check this article and I guess it can be really helpful in knowing about India's First Cryptocurrency - https://bitcoinsmantra.com/lakshmi-indian-cryptocurrency/

Cheers
Esther