If a final decision is made, the virtual currency will belong to the Reserve Bank of India. The sources also noted that the government is considering naming the virtual currency Lakshmi, the goddess of prosperity in Indian mythology
The central government in India is considering issuing an Indian virtual currency. According to sources familiar with the matter to Business Standard.
If a final decision is made, the virtual currency will belong to the Reserve Bank of India and amendments to certain laws may be required, which means that it is a lengthy process.
The sources also noted that the government is considering naming the virtual currency Lakshmi (the goddess of prosperity in Indian mythology).
"I would not be surprised if the government makes a virtual coin of its own because the banks are already experiencing blockcane technology, and in order to use this technology, virtual currency is needed," said Vaibhav Parikh, a partner at Nishith Desai Associates. Since the government does not trust Bitcoin, it may have its own currency. "
China, Russia and Estonia are also considering developing their own virtual currency.
A few days ago, the head of the Central Bank of India, Sudarshan Sen, spoke of the bank's discomfort with Bitcoin, which has recently received stringent global regulatory oversight. He hinted that India needed a virtual currency of its own.