What's India planning with Lakshmi? With regulatory uncertainy comes a new push for countries around the globe to look into issues related to their own national digital currencies. India could be a world leader in this, read on.

The Reserve Bank of India is considering a proposal to introduce India’s own cryptocurrency that will be similar to Bitcoin, first reported by Business Standard.

Indian officials see Blockchain as having merit for financial use and appear to be actively discussing the proposal.

To be named 'Lakshmi', currency to fall in the domain of Reserve Bank

Discomfort with Bitcoin is fueling speculation that cryptocurrencies hitting mainstream central banks may be near. If the Reserve Bank of India (RBI) does release its own cryptocurrency, “Bharatcoin” or the name Lakshmi could make a lot of sense.

While in terms of implementation China may end up beating India to a national blockchain with their own cryptocurrency; it might end up being more transformative for India.

According to the undisclosed sources, since both RBI and government officials have stated that they are not comfortable with Bitcoin, a valid alternative seems likely as trust of Bitcoin remains shaky also in the wake of recent crackdowns in China.

Right now, we have a group of people who are looking at fiat cryptocurrencies. As regards to non-fiat crypto currencies like Bitcoins, I think we are not comfortable with them.” - RBI Executive Director Sudarshan Sen

Presumably while Indian officials appears to be open to the idea, the implementation of such a grand project could take years to run to completion.

Lakshmi cryptocurrency could benefit the Indian economy and the banking industry, as it remains to be seen if Bitcoin can thrive itself in India.





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India a Leader in Blockchain?

The idea to set up a blockchain for financial use was found useful by a committee of government officials.

Increased global regulatory scrutiny over Bitcoin in the summer of 2017, is driving National banks all over the world to consider blockchain alternatives.

RBI may be working on their own national digital currency.

India could be a leader in blockchain implementation in the future.

While many countries get older in demographics in the decades ahead, Indian Millennials are well placed to drive innovation forwards.

#Laskshmi #Bitcoin #CryptoCurrency #RBI #ReserveBankIndia #Blockchain #Digitalcurrency #DailyDigestIndia #CentralRegistry #DigitalInnovation #FinTech #BitcoinFuture

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Can India be a leader in Blockchain with #Lakshmi?

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