The Indian Government proposes to introduce its cryptocurrency similar to Bitcoins. According to the Indian Press reports, it will be declare by the Reserve Bank of India (RBI) known as “Laxmicoin” the name of the Hindu goddess if wealth, fortune and prosperity.
Reportedly, the proposals were discusses by committee of government officials. However, after the final decision, the cryptocurrency will fall into the domain off RBI and government will undergo amendment in the Currency Act.
Sudarshan Sen, RBI’s executive chairman says, central bank is not comfortable with non-fiat cryptocurrencies like Bitcoin and he also hints that it might launch its own cryptocurrency.
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“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”.
Recently, Russian and Chinese governments have restricted bans on the usage of Bitcoins. On Saturday, world’s second largest cryptocurrency BTCC exchange announces the closure of its China operations.
Additionally, Jamie Dimon, CEO of JPMorgan Chase, made a comment that Bitcoin is a “fraud” and eventually “end up”.
Previously, RBI has issued a warns to all Bitcoin users about the risk pertaining in dealing with the cryptocurrency.