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bitcoinvamp (OP)
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October 03, 2017, 04:07:28 PM |
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According to a report in Business Standard, sources in the government said that a committee was set up to discuss the proposal of having India’s own cryptocurrency, as an alternative to the Indian rupee. the reserve bank's chairman said in a committee that they are not comfortable about the non-fiat cryptocurreny like bitcoin. so they launch there own cryptocurrency in india known as "lakshmi". also this would require the amendement of the currency act. So could this decision lead to a major effect on the market of bitcoins or not???
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TimeHacker
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October 03, 2017, 07:02:02 PM |
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It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.
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KingScorpio
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October 03, 2017, 08:03:19 PM |
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According to a report in Business Standard, sources in the government said that a committee was set up to discuss the proposal of having India’s own cryptocurrency, as an alternative to the Indian rupee. the reserve bank's chairman said in a committee that they are not comfortable about the non-fiat cryptocurreny like bitcoin. so they launch there own cryptocurrency in india known as "lakshmi". also this would require the amendement of the currency act. So could this decision lead to a major effect on the market of bitcoins or not???
these so called governments are nothing but a banker cartel... |
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Str1x
Member
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Activity: 140
Merit: 33
Buy me a beer 13mVkBy6HVwKuNovaWzYdF27FB6pLqoJtr
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October 03, 2017, 08:07:39 PM |
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It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.
Countries and banks just try to get in on the profit. If they see what bitcoin did in a couple of years, you can't blame them for trying to get a piece of the cake. However like with fiat money it's so stupid that if you go abroad you need to exchange your money for foreign currency. What bitcoin can do is making 1 universal coin for all countries. Hope this new trend is soon to be taken down and bitcoin will rise as the sole contender. |
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MatrixMining
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October 04, 2017, 05:04:15 PM |
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It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.
Countries and banks just try to get in on the profit. If they see what bitcoin did in a couple of years, you can't blame them for trying to get a piece of the cake. However like with fiat money it's so stupid that if you go abroad you need to exchange your money for foreign currency. What bitcoin can do is making 1 universal coin for all countries. Hope this new trend is soon to be taken down and bitcoin will rise as the sole contender. You are right. Countries and banks can even start their own crypto-currencies, but if it will be only valid in that one country, bitcoin will still be THE global payment method. |
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Nalbo
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October 04, 2017, 05:14:07 PM |
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It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.
Countries and banks just try to get in on the profit. If they see what bitcoin did in a couple of years, you can't blame them for trying to get a piece of the cake. However like with fiat money it's so stupid that if you go abroad you need to exchange your money for foreign currency. What bitcoin can do is making 1 universal coin for all countries. Hope this new trend is soon to be taken down and bitcoin will rise as the sole contender. You are right. Countries and banks can even start their own crypto-currencies, but if it will be only valid in that one country, bitcoin will still be THE global payment method. Bitcoin is better considered as an assest as it is not suitable for day to day payment transactions. For payment methods, new coins and tokens are and will dominate the market. That's one reason why we're seeing individual firms making their payment tokens. |
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shamzblueworld
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October 04, 2017, 05:46:42 PM |
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It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.
The point is the all of the official cryptocurrencies will be centralized, taking the core concept of bitcoin and digital currencies out of it. Only good thing that can happen with this is more people may end up understanding about bitcoin and its value. But your concern is correct too, it can go either way, lets just hope for the bitcoin sake that it only boost it. |
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Mozdalifa17
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October 04, 2017, 05:53:51 PM |
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First Dubai then India if all that report applied that means we are in the right track for government official adaptation to blockchain technologies .
Thank you
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Wipro
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October 04, 2017, 06:13:40 PM |
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It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.
Some months Citibank announce that they gonna lauch their own altcoin soon and they gonna adopted bitcoin payment system. However, developing country like India cannot o with bitcoin payment option and earning method as they have the over population in the country and other educated people will affect because of it |
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John Langut
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October 04, 2017, 06:55:39 PM |
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It has nothing to do with governments wanting to have their own currency, but some important people trying to make a profit. This will not affect bitcoin, not in the long term. But it shows that there's a growing interest.
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hdclover
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October 04, 2017, 07:03:10 PM |
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It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.
Countries and banks just try to get in on the profit. If they see what bitcoin did in a couple of years, you can't blame them for trying to get a piece of the cake. However like with fiat money it's so stupid that if you go abroad you need to exchange your money for foreign currency. What bitcoin can do is making 1 universal coin for all countries. Hope this new trend is soon to be taken down and bitcoin will rise as the sole contender. You are right. Countries and banks can even start their own crypto-currencies, but if it will be only valid in that one country, bitcoin will still be THE global payment method. Bitcoin is better considered as an assest as it is not suitable for day to day payment transactions. For payment methods, new coins and tokens are and will dominate the market. That's one reason why we're seeing individual firms making their payment tokens. Why it's not suitable for day to day transactions? If you think it is about the volatility then it is same for all tokens. Can these tokens provide security like Bitcoin? Or Have you seen anyone accepting new tokens as a payment? It's just NO! There are shitload of other alts trying to compete with Bitcoin, some are good and majority of them are just dust |
Blah blah
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daveon
Newbie
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Activity: 35
Merit: 0
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October 04, 2017, 07:05:35 PM |
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Governments/Banks cannot compete in the cryptocurrency environment. They will fail because they lack skill and brain power.
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richierich
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October 04, 2017, 07:07:23 PM |
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I dont think this would get succeeded into market if each govt proposes her own crypto forgetting their current fiat. Really interesting part is that, the govts are seeing a great impact of crypto currency and its secured system best than their current fiat system. Adaption of new things are welcomed. Maintaining the current fiat system is very challenging for the government than adapting a new crypto currency.
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Hui8
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October 05, 2017, 05:50:25 AM |
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Looks like they are just pulling the strings to get the profits from crypto currencies. I don't understand why country like India wanna go for crypto currencies. They don't have that much infrastructure to handle all the mess that might arise from it. It's not just about that but also other major issues in India like farmers are not living the lifestyle they should live, they don't even get food for one time being a farmer because they just dint have much value in the market. They should solve such internal issues first then move towards digital stuff like crypto which is like futuristic to India, no offence by the way.
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MV7
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Merit: 107
WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN
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October 05, 2017, 06:30:49 AM |
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I heard Dubai will also be creating their own cryptocurrency. https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrencyIndia launching a cryptocurrency would be a big step towards the mass adoption of crypto (which I think is still quite far away) |
﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
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adam1230
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Activity: 1218
Merit: 1001
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October 05, 2017, 06:34:18 AM |
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This will be very interesting.
I bet few countries cryptocoins are going to be hacked. As they are really bad in cyber security.
Can you imagine that central bank of x country wallet hacked? lol this will be really funny.
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Spoetnik
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Activity: 1540
Merit: 1011
FUD Philanthropist™
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October 05, 2017, 06:38:39 AM |
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This is fucking god damn exhausting.  Uhh what the fuck for ? AND.. more importantly.. WHAT ?Seriously what ? What are they going to "launch" (code word for ICO ?) You mean a "crypto currency" ? What another one ? Seriously like WTF ? I have not seen any reply here but on this topic but i guarantee no one asked or cared....... WHAT. They just see ICO investment penny stocks on centralized govt controlled exchanges ROI's. $$$ Same shit.. different pile. What another country coin ? What like AUR ? How did that work out ? You are all insufferable. |
FUD first & ask questions later™ |
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RoommateAgreement
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October 05, 2017, 07:35:03 AM |
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the popularity of bitcoin is growing everyday and since it has always been open source and under MIT license everyone uses it somehow.
these government-issued-cryptocurrencies are not new. there are a dozen of them at least. many of them started working on the project a while ago and some of them are starting this year with the growth that bitcoin has.
the blockchain technology is obviously something very interesting and useful. but it remains to be seen if they can successfully create something useful from this technology and improve the banking system or just create something centralize and fail.
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Buying the dip...
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CryptoBuds
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Merit: 1042
HODL
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October 05, 2017, 07:52:41 AM |
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50% of population in India are homeless. What the heck are they trying to prove with this national cryptocurrency?!
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ss890
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October 05, 2017, 08:20:28 AM |
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I think Dubai is also in the same race and after them India is following too ! That's sounds pretty good impact of the bitcoin or crypto currencies over the different countries. I'm wondering why India took the sudden decision of creating their own crypto currency. They are really trying to make the India a digital country with fully equipped technologies from around the world. I'm sure they might be having some sort of future plan with the so called "Laxmi" coin. This might be probably to attract the fellow Indians to invest money into this coin which will ultimately go into the Indian economy itself thus the countrys money stays in the country itself. That could be the real play but it would be exciting to see how people will react to the coin which is completely centralised under the government regulation.
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