India Top Stories

“Virtual currency”: Govt. to introduce cryptocurrency “Lakshmi”

“Virtual currency”: Govt. to introduce cryptocurrency “Lakshmi”
Representational Photo : ‘Creative Commons Zero - CC0’.

New Delhi: Central Government is planning to introduce cryptocurrency after considering the popularity of Bitcoin.

According to the report published in Business Standard, this proposal was discussed by a committee of government officials. The panel supported the idea and said that it will be useful. This new cryptocurrency could be named “Lakshmi“.

However, in order to implement the decision of cryptocurrency, many acts need to be amended which is not a simple task and requires time.

It may be mentioned that many other countries such as China, Russia, and Estonia are also considering having their own cryptocurrencies.

It is also reported that earlier, Sudarshan Sen, Executive Director of RBI said that the central bank is not comfortable with Bitcoin and hinted for India’s own cryptocurrency.