GOVERNMENT

RBI looking at its own Cryptocurrency ‘Lakshmi’ similar to Bitcoin

The Reserve Bank of India is considering a proposal to introduce India’s own cryptocurrency that will be similar to Bitcoin, to be named ‘Lakshmi’.It seems demonetization is not India’s last experiment with currency.

Sources said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful and discussed the proposal of having India’s own cryptocurrency, as an alternative to the Indian rupee.The success of Bitcoin, a popular cryptocurrency, may have encouraged the central bank to consider its own cryptocurrency.

Earlier this year, RBI itself had issued a warning to all cryptocurrency users about the risk pertaining to Bitcoin transactions.
The introduction of this new cryptocurrency may require the amendment of the Currency Act.

In the last couple of weeks, Chinese and Russian governments have restricted bans on the usage of Bitcoins.
On Saturday, BTC China (BTCC), world’s second largest cryptocurrency exchange announced the closure of its China operations.

RBI looking at its own Cryptocurrency ‘Lakshmi’ similar to Bitcoin
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