Lakshmi - India's regulated upcoming crypto based on Blockchain

The Reserve Bank of India is considering a proposal to introduce India's own cryptocurrency that will be similar to Bitcoin, a Business Standard report said. The report further said that the proposal was discussed by a committee of government officials.

Whenever the final decision is taken, the cryptocurrency is likely to fall in the domain of the RBI and the government might make some amendment in the Currency Act. If the report appears to be true then this will be a time-consuming process.The BT also quoted a source who said that the government might name its cryptocurrency as "Lakshmi".

Countries like Russia, China and Estonia are said to be considering their own cryptocurrencies.A week ago RBI's executive director Sudarshan Sen had spoken about RBI's discomfort with Bitcoin, which has recently come under intense global regulator scrutiny. Sen also hinted at the need for India's own cryptocurrency.

In last couple of weeks, Chinese and Russian governments have restricted bans on the usage of Bitcoins.Jamie Dimon, CEO of JPMorgan Chase, made headlines when he said that Bitcoin was a "fraud" and that it will eventually "blow up".

On Saturday, BTC China (BTCC), world's second largest cryptocurrency exchange announced the closure of its China operations.Earlier this year, RBI has issued a warning to all Bitcoin users about the risk pertaining in dealing with the cryptocurrency.