Government Considering To Introduce Its Own Cryptocurrency, Says Report

The government is considering to introduce its own cryptocurrency named ‘Lakshmi’, a report in the Business Standard has said.

According to sources quoted in the report, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI) and the government might make some amendment in the Currency Act.

Other countries, including Russia, China and Estonia, are said to be planning to introduce their own cryptocurrencies.

A week ago, RBI’s executive director Sudarshan Sen had hinted at the need for India’s own cryptocurrency while speaking about the central bank’s discomfort with Bitcoin, which has recently come under intense global regulator scrutiny. World’s second largest cryptocurrency exchange, BTC China, had announced its closure last week.

RBI has, earlier this year, issued a warning users of Bitcoin about the risk in dealing with the cryptocurrency in the international market.