Indian Government Mulling Introducing Its Own Cryptocurrency LakshmisteemCreated with Sketch.

in #cryptocurrency2 years ago

The Indian government is considering a proposal to introduce its cryptocurrency similar to Bitcoins, the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful, and name its cryptocurrency ‘Lakshmi‘.


Laxmicoin is named after Laxmi, the Hindu goddess of wealth. It was poised to be an India-focused digital currency, easily accessible for less-technically savvy people within the developing country, and even to be donated to worthy causes
If the government does go ahead with the proposal, the cryptocurrency so introduced will fall in the domain of the Reserve Bank of India
While running a ledger-like blockchain cryptocurrency is required for settlement, one also needs to remember that both RBI and government officials have stated that they are not comfortable with Bitcoin

“In the future,” he says, “the government may create a digital currency version of the fiat. But, it’s very difficult for an outside party to do so; because then the amount of that digital coin



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