The Bitcoin hype train has finally reached India, the country which has shut the Bitcoin transactions so far. India is now planning to launch their own version of Bitcoin-like currencies called ‘Lakshmi Coin’.
The country hose the name Lakshmi so that millions of Indians will feel comfortable, familiar and secure. Lakshmi is the Indian goddess of wealth and prosperity.
Even though the Bitcoin is quite popular around the globe, India has never thought of investing on it due to their lack of trust. Many countries like China have legalised the usage of Bitcoin while Indian government is insecure about it, all the transactions of Bitcoin in India have to be only done through the grey market or deal with foreign-based exchanges.
Even though Indian government does not have any interest in Bitcoin, they realised that the blockchain technology which powers the Bitcoin is an ever-growing industry and a worthy investment.
While recommending the new cryptocurrency – Lakshmi Coin is fine, India may actually take at least five to ten years before it has its own cryptocurrency given its cumbersome bureaucracy. If India does decide to accept the panel recommendations, Laxmi, the new cryptocurrency will fall under the purview of Reserve Bank of India.