It like demonetisation is not India’s ultimate test with foreign money. The Reserve Bank of India (RBI) is now looking on the courageous new global of cryptocurrency.
The achievement of Bitcoin, a famous cryptocurrency, may have recommended the crucial bank to recollect its very own cryptocurrency since it isn’t comfortable with this non-fiat cryptocurrency, as stated by using RBI executive director Sudarshan Sen some days in the past.
India to have its own Bitcoin like Cryptocurrency called Lakshmi Coin
What is Bitcoin Cash?
Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate. In my previous article we discuss in details read more here : Must to Know Things About CryptoCurrency.
A group of experts at RBI is examining the possibility of cryptocurrency which would become an alternative to the Indian rupee for digital transactions, and unlike bitcoin which is a non-fiat digital currency, the new one will be fiat-cryptocurrency. Fiat currency means a currency that is forced into circulation by a government.
According to a media report, RBI’s own Bitcoin can be named Lakshmi CryptoCoin, after the Hindu goddess of wealth.
Lakshmi could be a part of creating its own Blockchain, a distributed digital ledger and technology that supports cryptocurrencies.
China, Russia, and Estonia are said to be considering having their own cryptocurrencies. And now give handshake with their Laxmi CryptoCoin.
State Bank of India has taken the lead in bringing lenders and tech companies together for using Blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks’ loan book. The SBI’s initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commercial banks.
Blockchain, the technology behind cyber currency Bitcoin, follows the concept of a centralised registry that can be accessed by all members, and every event is registered as an unalterable ‘block’.