via Reuters

India’s bureaucratic machinery appears to be churning at a quicker pace than usual; as reported by the Business Standard, the Indian government is considering creating its very own state-backed cryptocurrency, falling under the domain of the Reserve Bank of India (RBI).

It was only earlier this week when the RBI’s Executive Director, Sudarshan Sen, stated that the central banking institution was looking into fiat cryptocurrencies “as an alternative to the Indian rupee.”

As per the report, the cryptocurrency might be named “Lakshmi,” after the Hindu goddess representing wealth and prosperity. However, the report also notes that for India to introduce a cryptocurrency will require quite a few amendments to its existing laws and acts, such as the RBI Act, which may slow down the pace of its efforts.

In June this year, the Central Bank of Russia shared similar intents, with its Deputy Governor stating that “regulators of all countries have come to the conclusion that it is necessary to do a national virtual currency.” China also seems to be tightening its grip over Bitcoin and other cryptocurrencies, as well as experimenting with its own cryptocurrency.

As the blockchain technology matures, its benefits become seemingly obvious; however, for it to replace traditional currency will still require much change in how the banking institutions function, as shown by the comments made by JPMorgan Chase CEO Jamie Dimon earlier this week.