India cryptocurrency 'Lakshmi Coin'

[sidmlm]

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

[moooonu]

Can be possible as Indian PM is trying to promote digital India but also there will alot of consequences with that. Alot of regulations to be maid to make it legal and accept all over the world as well.

[Merovius]

Yes, I saw that story a few days ago. Apparently it is a proposal from a committee of Indian government officials and some people from the Reserve Bank of India. The new coin may be called "lakshmi" or "laxmi" but will probably take a few years to be implemented because of India's rather slow and cumbersome bureaucracy.

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

[GreenBits]

Yes, I saw that story a few days ago. Apparently it is a proposal from a committee of Indian government officials and some people from the Reserve Bank of India. The new coin may be called "lakshmi" or "laxmi" but will probably take a few years to be implemented because of India's rather slow and cumbersome bureaucracy.

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

its interesting how in addition to the guidance/ regulation that governments are imposing on bitcoin, a few of the governments you would expect are proposing introducing national coins. this is like the most perfect situation you could possibly imagine for a government with strict capital controls in place, that wants additional value. you get the easily manipulated markets that crypto is famous for, and a government sponsored list of all transactions that have ever occurred within the system/currency.

its big brothers wet dream to have a state issued coin

[Catmony]

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

Narendra Modi can do that as he love new technology but introduction of this types of coin from governments is just their effort to replace bitcoin from their country which is not quite possible because a normal person with little bit knowledge of supply/demand/inflation can differentiate between all these government issued tokens and bitcoin.

[ZaraArun]

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

Apparently the SIT has some negative impression.. Maybe they have some misgivings as well.. You know how it works in India... Lakshmi coin had to initially halt their planned ICO because of the Government..
Jamie Dimon apparently advised the RBI against cryptos ... but the SIT has not reached the final decision yet.. I wish there was a way we could influence their decision in favor of the TRUE new world order..
It time to end the centralized monopoly as it has lead to mass corruption and loss of control... 

[Ariess]

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

can be. if they want it, but the most important thing is what they will give to the world. what concept they will bring. if its purpose for popular is difficult, it is very difficult to compete with bitcoin

[HabBear]

I feel like government's are missing the point of cryptocurrency...which is decentralization of control. Every developed country in the world already has a digital currency. More transactions happen over the web, digitally, than via paper currency transactions.

Or are government's really trying to abandon their existing currency for someone new one?

Maybe the press is confused and this is really about government's shifting their transaction accounting to blockchain technology.

Someone's missing the point - it's either the governments or the press.

[GreenBits]

I feel like government's are missing the point of cryptocurrency...which is decentralization of control. Every developed country in the world already has a digital currency. More transactions happen over the web, digitally, than via paper currency transactions.

Or are government's really trying to abandon their existing currency for someone new one?

Maybe the press is confused and this is really about government's shifting their transaction accounting to blockchain technology.

Someone's missing the point - it's either the governments or the press.

thats pretty much the rub. governments really dont have an issue with digital currency. we have been using what amounts to an e dollar for many many years now (since the inception of the ACH practically). any government that has an automated clearinghouse like ours is basically doing the same. so its not so much digitally represented currency as much as it is decentralized digital currency. digital essentially means liquid in this case. they dont want unkown money zipping around without any oversight; and this is pretty understandable from a state actor's perspective.


we all want bitcoin to be this huge thing beyond the reach of the government. yet I cant think of a single thing that is actually like that in the real world.

[HabBear]

so its not so much digitally represented currency as much as it is decentralized digital currency. digital essentially means liquid in this case. they dont want unkown money zipping around without any oversight; and this is pretty understandable from a state actor's perspective.

But the fact that they're creating it makes it decentralized.

I think this is really an opportunity for Governments to increase their abandonment of paper currency so (as you say) they can track transactions. If the populus likes Bitcoin and cryptocurrencies a government could say "we've created our own!" with hopes that the people don't realize that this the Government imposing more regulation and monitoring over their money and spending and saving.

We should make it known what the correlations are between this move by Government's and parallel initiatives to outlaw paper currency.

This move by government's could further speed up adoption of Bitcoin and other truly decentralized cryptocurrencies.

[eaLiTy]

The concept of crypto currency is to have a decentralized freedom between its users rather than the prying eyes of the government and here the government wants to take advantage of the new system and introduce its own currency and have it regulated and i am not sure what its uses are,lets see what they are after and how they will implement it.

[tsaroz]

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

No it's not true. Lakshmi is from an independent developer who experimented some level of centralization in blockchain.
There's no government involved.
Here's the announcement.

[BitcoinHodler]

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

No it's not true. Lakshmi is from an independent developer who experimented some level of centralization in blockchain.
There's no government involved.
Here's the announcement.

that is not much of an announcement though! it seems more like a bad joke of a random throwaway account possibly even to ruin the name of the coin.

- no source code
- no website
- no link
- no proper explanation

he just says a couple of vague stuff and goes away.

i can not recall the name of the coin but i know well enough that there was in fact a project by Indian gov. to do something like that. and it is still in early stages. it is not really big or official yet.

[omnik]

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

I wanna believe even trump or ivanka coin was better than that crap centralized currency. And so? Is that a real joke has made by the government to issued their own crypto with name  lakhsmi coin?
What a best joke in this day. 

[ritikrana4]

Yes India is going to launch its own Cryptocurrency. It will named Lakshmi coin. till now india government has not accepted any Cryptocurrency but trying to bring its own. It may lauched in few years. It will be alternative to Bitcoin .

http://yuplex.com/lakshmi-coin-new-alternative-bitcoin/

[shandi albert]

all countries can issue coin, yeaah like this inidia although the new discourse or the plan must have not been published because of the need for in-depth study reviews
but whether it does not interfere with the economy and disrupt the value of the currency as well as its financial order.
hopefully laksmi coin fame, will be positive

[anasso]

even if india makes his own crypto, it will be centralized!!

imagine the money of a state owned by onknown persons and can't collect any taxes on it!

[Pamadar]

even if india makes his own crypto, it will be centralized!!

imagine the money of a state owned by onknown persons and can't collect any taxes on it!

and that can be questioned, whether crypto people around india will be willing to pay taxes and willing to show their identity after this coin was released
i personally thinks that it  will be hard being supported by people who wanted the concept of bitcoin which will hide their identity in anyhow, i will check this thread and see what will be the progress regarding to this coin.

[MoonIsBlue]

Could be very possible, India is pretty on about IT and building an economy on it. Lakshmi, I think is Sanskrit for wealth or something.
wether it fails or works its still a good way to introduce cryptocurrency and give the youth an advantage over the rest of the world. I know allot of big corporations (multi-billion dollar corps) that outsource IT to India or foreign exchange students from India.

[yogesh01]

Yes Govt of India may launch India's own cryptocurrency 'Lakshmi Coin.