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RE: What will happen if Indian Government decides to bring it's own Virtual Currency?
I agree with what @omravi said. I also like to add that unlike to decentralized cryptocurrency, this cryptocurrency will be centralized, on which the government will have full control. I think it will make government more capable to control people. Also, it would generate more revenue for the government as tax evasion will become virtually impossible. But this can make the government more autocratic and can empower some ruler to such an extent that he/she can become a dictator.
The only plus side of a Fiat Cryptocurrency would be the fact that there would be close to Zero Tax Evasion.
Other than that everything is in Negative.
I am preparing the Answer for your Second Question stay tuned.
Definitely, government controlled cryptocurrency will empower the governments to such an extent that they will become autocratic.