The Reserve Bank of India (RBI) is considering a proposal to introduce India's own cryptocurrency similar to Bitcoin.
The government might name its cryptocurrency ‘Lakshmi‘.
The proposal was reportedly discussed by a committee of government officials who found the idea of running blockchain for financial services useful.
What is Cryptocurrency ?
Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers.
Most Important Cryptocurrencies in World
Bitcoin
Litecoin
Ethereum
Zcash
Dash
Ripple
Monero
If the government does go ahead with the proposal of introducing cryptocurrency, the cryptocurrency so introduced will fall in the domain of the Reserve Bank of India. Consequently, some acts such as the Currency Act might have to be amended.
Note : Countries like Russia, China and Estonia are said to be considering their own cryptocurrencies.