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 hoses 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 Bitcoin is quite popular around the globe, India has never thought of investing in it due to its lack of trust. Many countries like China have legalised the usage of Bitcoin while the 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 the Indian government does not have any interest in Bitcoin, they realised that the blockchain technology which powers Bitcoin is an ever-growing industry and a worthy investment. According to some undisclosed sources, Government officials and Reserve Bank of India officials were included in a proposal that was put to launch a blockchain-based cryptocurrency.
The committee recently gave its report to the government and advised the Indian government to launch its own blockchain-based cryptocurrency. They have also suggested the new Indian cryptocurrency be named ‘Lakshmi Coin’.
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 the Reserve Bank of India.