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2017-09-18 / Admin

Indian Government Introducing Its Own Cryptocurrency Lakshmi, Similar To Bitcoins

The Indian government is considering a proposal to introduce its own cryptocurrency 'Lakshmi' similar to Bitcoin, according to reports. The proposal was reportedly discussed by a committee of government officials who found the idea of running blockchain for financial services useful. Notably, if the proposal is carried out, the cryptocurrency will fall in the domain of the RBI.

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.

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