While working on creating a legal framework for bitcoin and other digital currencies, the Indian government is now considering launching its own bitcoin-like cryptocurrency. The proposed government cryptocurrency is to be issued by the Reserve Bank of India (RBI).
The Indian government is considering “a proposal to introduce its cryptocurrency similar to bitcoin,” reported Business Standard on Saturday. This state-run cryptocurrency will be called “Lakshmi,” the name of the Hindu goddess of wealth, fortune, and prosperity. According to sources close to the development:
Meanwhile, the Indian government has been working on creating a legal framework for bitcoin and other digital currencies. Last week, Money Control reported that “the government is going to prepare a framework for bitcoin soon.”
In April, the same government set up a committee to investigate bitcoin. Last month, Money Control also reported that the committee has submitted its report to the government. It recommended “strict monitoring” of digital currencies, the news outlet detailed, adding that “there is no possibility of immediate restriction,” but the government is also not in favor of promoting them.