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Govt considering its own cryptocurrency

To be named 'Lakshmi', currency to fall in the domain of Reserve Bank

Rajesh Bhayani  |  New Delhi 

Rupee

The Central government is considering a proposal to introduce its similar to Bitcoin.

Sources close to the development said that the proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.

Whenever the decision is taken, the will fall in the domain of the (RBI) and some Acts such as the might have to be amended. Hence, this will be a time-consuming process. 

Sources also said the government might name its “Lakshmi”. 

Vaibhav Parikh, partner, Nishith Desai Associates, said: “I won't be surprised if the government comes up with its own because banks are trying blockchain as a technology and to make blockchain work it would need some Since it doesn’t trust Bitcoin it may come up with their own currency." 


Running a ledger-like blockchain is required for settlement and the and government officials have said that they are not comfortable with Bitcoin.

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China, Russia, and Estonia are said to be considering having their own cryptocurrencies. 

A few days ago Executive Director had talked about the central bank’s discomfort with Bitcoin, which has recently come under intense global regulatory scrutiny. 

He had also hinted at the need for India’s own

First Published: Sat, September 16 2017. 01:56 IST
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