Indian Government is all set to consider its proposal for country’s cryptocurrency called Lakshmi, similar to Bitcoins.
If it applies, there will be a panel who will set-up and initiate the blockchain for financial services, which may name as ‘Lakshmi’. It will fall under the radar of Reserve Bank of India which will imply Currency Act for an amendment to maintain its trade discipline.
Although, the latest statement about Cryptocurrency is Government & RBI both are not convinced the operations of cryptocurrency. In fact, China has withdrawn support to cryptocurrency for its weaker base. Bitcoin falls by this decision below 4000.
RBI Executive Director Sudarshan Sen stated that India is not comfortable with Bitcoin and there is no such future planning to make it valid in country.
In recent days, China & Russia blocked Bitcoins usage due to its improper nature for transaction discipline. In South Korea, local police suspected the illegal owners of Bitcoins. Moreover, BTCC (Bitcoin China), world’s second largest cryptocurrency exchange announced the closure of its China operations.
RBI has also warned its users in India as it attracts ransomware attack and urges for Bitcoin transaction. $10 Bitcoin is now $4000. India has more than 50,000 of bitcoin wallets.