Bitcoin, the first decentralised currency has gained acceptance as an alternative financial investment. A currency which was called a Ponzi by several critiques has been around for nearly a decade. Bitcoin contributed to the majority of market share at $81bn of $176bn USD an all time high of market capitalisation. A currency based on the Blockchain technology, an alternative to the otherwise dominating fiat currencies. Now the Indian Government wants to introduce its very own cryptocurrency similar to bitcoins, as per reports. This comes to light after the Indian states of Telangana and Andhra Pradesh announced that they shall be storing public information on Public Blockchain [read more]. As per undisclosed sources in the government, this new currency shall run on Blockchain and it might be called after the name ‘Laxmi- The Money Godess.’
Despite the resentment expressed against cryptocurrencies by the committee report, the Indian government has been working on creating a legal framework for cryptocurrencies. If the government is successful in introducing the new currency, it shall fall within the control of RBI despite of it expressing discomfort.
At whatever point the choice is taken, the cryptocurrencies will fall within the domain of the Reserve Bank of India (RBI) Currency Act, FEMA and other acts may be revised accordingly.
Meanwhile, what do you guys think about India Introducing its own fiat based currency? Upvote and Leave your Comments I would love to read what you think about it.
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- Indian states to Embark on New Era of E-Governance: Blockchain Technology to Secure Public Information
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