india may launch its own cryptocurrency - "lakshmi"

[FrayDigger]

and it will be like other coins that we can view in market. From many countries people produce the hundrets of coins. Or it will be at the state level?

[thepo1m]

This is just to look into the proposal of settig up one, this is not a small decision to make as you people make it to look, even if they want to this make take more time than initially anticipated

[helin9108]

The launch of lakshami coin in India is not yet confirmed by any official source but I won’t be surprised if the Indian 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.

[TravelMug]

The launch of lakshami coin in India is not yet confirmed by any official source but I won’t be surprised if the Indian 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.

However, I can't find a single country that has launched its own crypto currency and become successful with. It will just be another commodity and you can't even trade it outside. If they want to try blockchain then they can used it to their banking system. They don't trust bitcoin and either their fiat. Remember that they have demonetized their system. But I don't know if they succeed in their goal of really purged the market with black money. And lately there are news that they are going to regulate bitcoin so let just see how everything pans out. I think they should reconsider bitcoin because the Indian bitcoin community will really benefited from it. They should follow what Japan did to their country. Adopt and embrace bitcoin.

[mega]

Even if India lauches its own crypto currency bitcoin will still survive and the users of bitcoins will continue to use it no matter even if there is any other crypto..by the way what would be the price of Lakshmi?

[CoinSavvy]

Until there is no official confirmation from respective Indian authorities, it's hard to tell what effects such lakshmi launch will have on the crypto- community. To me, it will result positively anyway 

[Sadlife]

It seems after all that talk about crypto currency not going to succed in terms of being a viable asset is just nonsense cause in the end their just going to make their own altcoin or it is just they hate the decentralized currency so much will they that is one of the main perks of bitcoin. I think if their planning to make their own token it could potentially fail or succeed if the people chose to use it or not. Who knows.

[TrumpD]

This was always on the cards, expect more countries to develop their block chains, which may replays fiat national currencies in the long term. Only problem here would be centralization.

[LupeKidman]

many countries want to do it. But what about the situation w Crytocurrencies on Indian market

[Valzador]

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??? 

please include the source link i want to read too, after dubai now india and if this is true then the popularity of crypto currency will get better

[Basmic]

I do not believe in such a development. I think that India will go towards the creation of electronic money which will directly be related to the rupee. It will not be a cryptocurrency in the classical sense, and it will be completely under the control of the government. This way will use all the countries to stop the advance of bitcoin.

[rayneh]

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

Well, it seems like a bad option at first but if you implement it in right way than you may get some extra ordinary results. But why not go with bitcoins? It already has well established and secure system and has all the customization feature you need to make it yours, other than that, it’s globally accepted by most.

[ludbega]

it's very interesting that situation. I hope that it's a fake news.

It's not a good point for the Bitcoin for me. Because a state could delete one of its challenger.

Bitcoin is just still legal in India, so why ?

[n691309]

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??? 

Government trying to form their own centralized cryptocurrency since they have seen that bitcoin is uncontrollable. They should go ahead and let us see who is going to be dumb enough to make use of what they have.

I do not really see how this would be of much importance even to the crypto society and apparently will not even be a global currency.

Eventually, most people in India will stick to bitcoin as their preferred payment method, leaving the government with her own digital currency. Although, the good thing about these whole thing is that it is obvious blockchain technology is making a huge impact all over the world.

[junglist.massive]

Just as I expected, someday there will be a time when the countries competing to have their own digital currency. Their reason is for transparency of transaction but there maybe big plans behind it. The effect to Bitcoin I’m somewhat dubious because of the different market share and possibly "laxmi" is just equivalent to another altcoin.

[bitcoinvamp]

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.

ya you are right and i hope it will take the value of bitcoin even higher

[bitcoinvamp]

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??? 

Government trying to form their own centralized cryptocurrency since they have seen that bitcoin is uncontrollable. They should go ahead and let us see who is going to be dumb enough to make use of what they have.

I do not really see how this would be of much importance even to the crypto society and apparently will not even be a global currency.

Eventually, most people in India will stick to bitcoin as their preferred payment method, leaving the government with her own digital currency. Although, the good thing about these whole thing is that it is obvious blockchain technology is making a huge impact all over the world.

ya it  may be true what you said but just as a matter of fact if we start considering the comparison of population of different countries then INDIA being at no.2 can match with bitcoin if there population started to stick with there own cryptocurrency rather than bitcoin

[barbara44]

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??? 

Government trying to form their own centralized cryptocurrency since they have seen that bitcoin is uncontrollable. They should go ahead and let us see who is going to be dumb enough to make use of what they have.

I do not really see how this would be of much importance even to the crypto society and apparently will not even be a global currency.

Eventually, most people in India will stick to bitcoin as their preferred payment method, leaving the government with her own digital currency. Although, the good thing about these whole thing is that it is obvious blockchain technology is making a huge impact all over the world.

ya it  may be true what you said but just as a matter of fact if we start considering the comparison of population of different countries then INDIA being at no.2 can match with bitcoin if there population started to stick with there own cryptocurrency rather than bitcoin

It is not only that bitcoin cannot fulfill the needs of such a great population but India is well aware of the future of money. The idea of handling all financial matters with digital currencies is more powerful than any crypto coin itself.

Bitcoin gave two new ideas to whole world; digital currencies and blockchain technology. Many companies want to use the blockchain technology in some other way for security purpose.

[Slowhand26]

This is a good news for crypro community. Someone should really start this innovation to introduce to the world of tradional market. Despite of some countries trying to block this, India will be a great influence since the country is known to technology

[Siskaver]

Governments/Banks cannot compete in the cryptocurrency environment. They will fail because they lack skill and brain power.

Lol, you're cute You realize governments and banks CAN and WILL pay developers and professional teams to take care of projects like these?