Indian Government announced Lakshmi a new crypto-cum-fiat currency based on blockchain technology but is it any good?
Benefits of taking Fiat to Blockchain
I believe it is very import for most of the countries to take their fiat currency to blockchain technology, this would help in various ways such as:
- Reduction in duplicate or Fake Currency circulation
- Fight against corruption
- Highly cost effective and secure
- Making cross banks transaction in the country lightning fast
Lakshmi VS Bitcoin
Even though it will be based on blockchain but since it's a replica of a fiat currency, i don't see it taking over bitcoin or any other cryptocurrecies so far. The major fundamental behind bitcoin is a decentralized system which cannot be controlled by a single entity or government but people on the network should have all the rights.
With Lakshmi, we might get a secured fiat currency with the power of blockchain but it would still be controlled by indian government as it's technically INR in shape of bitcoin and i don't think governments will make it decentralized at all.
At the End more governments stepping into creating/launching/announcing their fiat currencies on blockchain is making Bitcoin more and more stronger, Giving straight signals to people that Bitcoin has a great potential and what a huge deal it is.
What do you guys think about this, please upvote if you like what i have mentioned and also let me know your thoughts on this topic in the comments below: