Indian Government is considering a proposal to introduce its cyprtocurrency named LAKSHMI Coin.
Lakshmi, is the Hindu goddess of wealth, fortune and prosperity. Archaeological discoveries and ancient coins suggest the recognition and reverence for Lakshmi by the 1st millennium BCE. Traditionally Lakshmi gold & silver coins are exchanged during festivals like Diwali.
It is estimated that over a million Indians have cryptocurrency, which gained popularity following 2016 Indian banknote demonetization.
The cryptocurrency (Lakshmi coin) will fall in the domain of the Reserve Bank of India (RBI) and some Acts such as the Currency Act might have to be amended.
Estonia was the first country to announce the plans for issuing Government backed Cryptocurrency (estcoin).
