Headlines : 💵 India's Own Cryptocurrency, next step after demonetisation. 💵

RBI India is considering of issuing its own cryptocurrency, earlier last week it was a rumour, but later this week is is confirmed that a meeting of financial authorities was held to look closely into this matter and take the immediate action.

Why this step was taken ?

The government of India has struggled a lot to stop Indian from stopping trading in Bitcoin and Ethereum, so now they come up with another great plan of issuing its own cryptocurrency.
As of now, Indian bitcoin wallets have been raised to 50,000. So to control the country's economy this step may be taken.
This will be the next step of Indian government to improve the economy of India right after the demonetisation earlier this year.

Name of the Indian cryptocurrency ?

The name of the Indian cryptocurrency is decided to be called Lakshmi.
Lakshmi is one of the Hindu goddess known for prosperity, money and wealth. Maybe the reason behind naming the coin after Hindu goddess is that, some of the followers of Hindu goddess Laxmi will buy and follow the new cryptocurrency due to their faith in their worship towards her or maybe there is some other reason.

Who were involved?

This decision was taken under the legal authorities of India responsible for the circulation of wealth and money in India.
The authorities involved were: RBI (Reserve Bank Of India), Income Tax Department, CBEC (Central Board Of Excise and Customs) and SEBI (Securities and Exchange Board Of India).

What is the Plan ?

The authorities are planing to introduce the Fiat cryptocurrency, that means the currency which is officially launched by the designated authority, so I believe that will not be a decentralised cryptocurrency, it will be unlike Bitcoin and Ethereum
"Well that is something interesting, new as well as unique".

“Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.” - Sudarshan Sen

“I won’t be surprised if the government comes up with its own cryptocurrency because banks are trying blockchain as a technology and to make blockchain work it would need some cryptocurrency. Since it doesn’t trust Bitcoin it may come up with their own currency.”- Vaibhav Parikh.

How is it related to demonetisation?

Maybe it is somewhat related to demonetisation, which happened in the earlier starting of this year by the Indian government to control the black money which is circulationg in the market, so likewise this step is taken to control the circulation of Bitcon and Ethereum cryptocurrency in the market.
One way or another, India will be affected economically on the use of cryptocurrencies by Indian people.
A stage may come when the Indian government will start to act like that of China, banning all the crypto ourside country and circulating their own.
And like the demonetisation, this step will come into affect immediately without informing the people before.

Until then, be Prepared.
Good Luck ;)

Always on sync with 💵 @cryptonia