Cryptocurrency Race & India
Indian government is considering to come up with a cryptocurrency of their own. If the source is to be believed, 'Lakshmi' is reported to be the name in contention, for the Indian Government backed cryptocurrency.
Sources which are said to be the development said that this proposal was discussed extensively by the committee of government officials, and the panel found the idea interesting to use and run financial services on the blockchain technology.
If this idea materializes, then the government backed cryptocurrency will fall under the umbrella of Reserve Bank of India (RBI).
Since bringing an Indian cryptocurrency would need amendments in the Indian Currency Act, and hence this idea might take some time to become a reality.
Under extreme scrutiny from a number of regulatory authorities, around the world, the executive director of RBI Sudarshan Sen had spoken about the central bank’s discomfort pertaining to Bitcoin.
It has also been reported by several sources that China, Russia & Estonia are also considering to formulate a cryptocurrency of their own.
