CCBeast Special

India Likely to issue own cryptocurrency
Editorial Team

The Indian Government is likely to launch its own cryptocurrency – India’s Fiat Cryptocurrency. This currency is similar to Bitcoin. It will be issued by Reserve Bank of India (RBI). This was revealed during the India Fintech Day conference by RBI Executive Director Sudarshan Sen. The cryptocurrency is likely to be named as “Lakshmi”, the name of the Hindu goddess of wealth, fortune, and prosperity.

The official statement goes as presented below:

“The proposal was discussed by a committee of government officials.Whenever the decision is taken, the cryptocurrency will fall in the domain of the Reserve Bank of India (RBI), and some acts such as the Currency Act might have to be amended. Hence, this will be a time-consuming process”

The Indian government is also currently working on a legal Framework for Digital Currencies. The task-force has been created, and a team of officers comprising from RBI, Securities and Exchange Board of India (SEBI), the Income Tax Department, the Central Board of Excise and Customs (CBEC) and the Financial Intelligence Unit.