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India is deemed to launch its own Bitcoin-like currency “Lakshmi”

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“ Lakshmi ” is new Indian cryptocurrency

Indian cryptocurrency :- The Indian government is working over legalize framework of Bitcoin cryptocurrency. Reserve Bank of India (RBI) is working to launch it’s on Bitcoin-like cryptocurrency name is “ Lakshmi ”. As the growing popularity of cryptocurrency in India, government is working on its way to propel its goal of digitalized economy in India. Since demonetization, Indian government seeks different paths to undermine corruption. The digital economy is the solutions considered by the government to curb the black money network. According to the Business Standard, the Cryptocurrency named after Hindu Indian Goddess of wealth “ Lakshmi ”.

RBI director express views at Fintech Conference

On an Indian Fintech Day conference, executive director of RBI Sudarshan Sen make a speech about digital payment. He threw some tip-off suggestions regarding government’s preparation to considering its own fiat cryptocurrency. This currency will issue and authorized by RBI, and cryptocurrency acts also amend to legalize its working. Although this process is time-consuming as the top government officials are in discussion. There is also some sort of hurdles to cross as Indian Central Banks are opposing the use of Bitcoin or any other altcoin currency.

In order to make it working government have to work very hard and also problems come with the mining process. As the mining is allow by anyone in case of Bitcoin, but does Indian government allow people for mining of “Lakshmi” too? Another big question is like Bitcoin, “Lakshmi” will also decentralize?

Indian Government over Legal tender for Bitcoins

Government is working on a legal framework for Bitcoin and altcoins. Last month the government hired a committee to submit a report on Bitcoin investigation. The reports show strict monitoring of “digital currency”. But there will be no immediate restrictions, also government not promoting cryptocurrency use by now.

The government will form a task force for monitor use and abuse of cryptocurrency, including RBI officers, IT officials and SEBI members. Central board of excise and financial experts unit will also involve in the force to check Bitcoin financial intrusion.

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India is deemed to launch its own Bitcoin-like currency “Lakshmi”
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