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Indian Government to regulate bitcoin, Will Introduce Its Own Cryptocurrency Named ‘ Lakshmi ‘ : Reports

 

The central government of India is planning to introduce a new cryptocurrency which is similar to Bitcoin, according to a report from the Business Standard .

 

Cryptocurrencies like Bitcoin, Litecoin etc are getting very popular  in India. Indian companies like ZebPay and UnoCoin now allows Buying and Selling bitcoins legally in India. Last month the government of Estonia introduced its own cryptocurrency and became the first county to introduce a cryptocurrency of its own .

 

As per the reports, Indian Government is planning to name the cryptocurrency as ‘ Lakshmi ‘ .

 

Reserve Bank’s executive chairman Sudarshan Sen on Wednesday had said the central bank is not comfortable with non-fiat cryptocurrencies like the Bitcoin. “Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely,” Sen had said.

 

In the past couple of weeks countries like China and Russia Restricted the usage of Cryptocurrencies and South Korean police arrested few cryptocurrency traders, owing to the illegal ownership of Bitcoins. Earlier, Sudarshan Sen, Executive Director, RBI had spoken about the central bank’s discomfort with Bitcoin.

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