india's new cryptocurrency

[d_5tr]

India is going to launch its own cryptocurrency.

A panel constituted by India’s finance ministry might soon recommend that the country launch a government-backed cryptocurrency.

“We are evaluating the government-backed cryptocurrency and crypto-token,” said a senior government official privy to the discussions of the panel. “And we are looking to develop and encourage our own research and development of blockchain technology,” the official added, referring to the digital infrastructure on which cryptocurrencies are based.

The finance ministry panel was set up in December 2017 under Subhash Chandra Garg, secretary, department of economic affairs, to suggest measures to regulate cryptocurrencies. The panel was supposed to submit its report by July, which was later pushed to the end of the year.

[mk4]

I don't get the point on why some countries are planning on making their own cryptocurrency. One of the main selling points of most cryptocurrencies is the decentralized aspect of it. A country's government making a cryptocurrency defeats that purpose. This is probably just a way for the Indian government to make more money.

But anyway, what do I know. Haven't done research about this yet.

[niotib]

This is a good move, other regional countries also can do it like "indicoins", "pakicoins"...

[lazygin006]

It is nothing new with countries coming up with their own crypto currencies anymore. It is good that crypto currencies are being recongised on a international level but over doing it may just turn things to negative.

[iram3130]

https://qz.com/india/1418897/after-strangling-bitcoin-india-may-launch-its-own-cryptocurrency/

I dont think this news has much credibility as Indian government is volatile like cryptocurrencies and anything can happen after the outcome from Supreme court about carpet ban on exchanges.

[mk4]

This is a good move, other regional countries also can do it like "indicoins", "pakicoins"...

Can you tell me how is it a good move? Besides the security aspect compared to actually using online banking and debit/credit cards?

[ngm22585]

Not surprising....

Bash cryptocurrency just to launch your own....wouldn't be the first time banks/countries have done this.

[ocid]

if the cryptocurrency is adopted by the government, I think it will eliminate the concept of cryptocurrency as a decentralized currency, and that means the government will certainly implement a centralized system such as fiat currency in general. I just wondered if this would have more value for cryptocurrency users who had been intervened by the government.

[cryptohunter]

centralised rubbish that will fail

this is nothing like the decentralised trustless crypto currency bitcoin etc

[mk4]

centralised rubbish that will fail

this is nothing like the decentralised trustless crypto currency bitcoin etc

As much as how I agree with that statement, chances are that they will still make significant money with it, which is probably their main goal in the first place. If the Indian government were to continue with this plan, I honestly expect it to be the same with the Venezuelan Petro. A fork of a certain coin.

[YuginKadoya]

Well the writer had a point in bringing something like this "If a virtual currency is going to be backed by the government then it goes against the whole grain of such coins" Then it is trying to losses its meaning and they say that the government might ban other Cryptocurrency, In my opinion, this Kind of digital currency will not survive alone and without the back panel of bitcoin exchange I really think it will not survive, Just like other altcoins out there so I really think this is not actually a cryptocurrency they are making or they are just bluffing in doing such things.

[Leyss]

if the cryptocurrency is adopted by the government, I think it will eliminate the concept of cryptocurrency as a decentralized currency, and that means the government will certainly implement a centralized system such as fiat currency in general. I just wondered if this would have more value for cryptocurrency users who had been intervened by the government.

Of course, such a cryptocurrency can only be centralized. In itself, the government’s intention to create its own cryptocurrency is already a positive step. This means that cryptocurrency in India will not be prohibited. There will be a centralized cryptocurrency, it will also positively affect the use of decentralized cryptocurrency. If we are confident in the advantage of decentralized cryptocurrency over centralized, then we have nothing to fear.

[BrewMaster]

but didn't they start working on their own government backed cryptocurrency about a year ago? i remember distinctly reading that there was an Indian coin coming with their government behind it. and this was about the time the drama in India over bitcoin started and bitcoin price over there shoot up to about 40% higher than USD markets!

[LukeHartman]

If a country launches its own cryptocurrency, it is unlikely that the cryptocurrency will be a decentralized one. It may seem like a good news that the government of India is launching its own cryptocurrency, but the centralization of a cryptocurrency will not be good idea.

[pooya87]

If a country launches its own cryptocurrency, it is unlikely that the cryptocurrency will be a decentralized one. It may seem like a good news that the government of India is launching its own cryptocurrency, but the centralization of a cryptocurrency will not be good idea.

there is no likelihood, they will definitely launch a centralized cryptocurrency and it has nothing to do with the whole cryptocurrency scene in my opinion and if anything this can be a good thing for bitcoin because based on what we have seen in the past with a country like Venezuela and their centralized altcoin called Petro, these kinds of projects introduce bitcoin to people alongside this centralized government-coin. and that is a good thing overall.

[team87]

I think this is good progress in India. With the cryptocurrency that will be made by the Indian government. But, is there a news link that you share here? please attach to complete this news for readers. Thank you.

[btc78]

India is going to launch its own cryptocurrency.

A panel constituted by India’s finance ministry might soon recommend that the country launch a government-backed cryptocurrency.

“We are evaluating the government-backed cryptocurrency and crypto-token,” said a senior government official privy to the discussions of the panel. “And we are looking to develop and encourage our own research and development of blockchain technology,” the official added, referring to the digital infrastructure on which cryptocurrencies are based.

The finance ministry panel was set up in December 2017 under Subhash Chandra Garg, secretary, department of economic affairs, to suggest measures to regulate cryptocurrencies. The panel was supposed to submit its report by July, which was later pushed to the end of the year.

What about some links?care to share some?Because this is just a hearsay without any corresponding links that will proved about indias plan of creating own crypto coin,and besides I can’t see any reason why they need to make their own while ,Rural Bank of India(RBI)has a restriction about crypto usage

[zhekinsp]

Can you post the link where you got this news?

Because as far as I know there is no news about the crypto currency in India and the finance minister said they are going to legalize the crypto currency in their country and also arranged some group of people for that but there is nothing beyond that in my kowledge.

[totococomatcha]

That is good news for the electronic money market. This suggests that the Indian Bitcoin market has had a remarkable growth process. The outlook for the ban appears almost unlikely in the Asian country, that in time recently witnessed a sharp increase in awareness and receipt of electronic money, particularly with Bitcoin.

[randall_boss]

Although I haven't personally researched this as yet, I do feel that one of the major components of cryptocurrency (decentralization) is being undermined by a government-owned system. I am happy to be proven wrong, but that is my views on the current circumstances