{"id":61598,"date":"2017-09-17T16:10:34","date_gmt":"2017-09-17T16:10:34","guid":{"rendered":"https:\/\/www.techworm.net\/?p=61598"},"modified":"2020-09-13T18:29:25","modified_gmt":"2020-09-13T12:59:25","slug":"india-bitcoin-like-cryptocurrency-called-lakshmi-coin","status":"publish","type":"post","link":"https:\/\/www.techworm.net\/2017\/09\/india-bitcoin-like-cryptocurrency-called-lakshmi-coin.html","title":{"rendered":"India to have its own Bitcoin like Cryptocurrency called Lakshmi Coin"},"content":{"rendered":"<p><strong>Indian Government To Consider Introducing Its Own Bitcoin-Like Cryptocurrency Called Lakshmi Coin<\/strong><\/p>\n<p>The <a href=\"https:\/\/www.techworm.net\/category\/bitcoin\" data-wpel-link=\"internal\">Bitcoin<\/a> mania has finally caught up with India. The Indian government which had so far confidently shunned Bitcoin, Ethereum, and other cryptocurrencies have now decided to join the cryptocurrency bandwagon by launching its own blockchain based Bitcoin like crypto coin called &#8216;Lakshmi Coin&#8217;.<\/p>\n<p>By naming the new <a href=\"https:\/\/www.techworm.net\/category\/cryptocurrency\" data-wpel-link=\"internal\">cryptocurrency<\/a> &#8216;Laxmi&#8217; the Indian government hopes to make it comfortable for billions of Indians to deal with the new currency. &#8216;Laxmi&#8217; is Goddess of Wealth as per Hindu traditions and is prayed by billions during the holy festival of Diwali.<\/p>\n<p>While Bitcoin has been in existence for over a decade, various Indian governments have shunned it for obvious reasons &#8211; lack of trust. While the neighbouring China has wholeheartedly embraced Bitcoins and other cryptocurrencies by legalising Bitcoin exchanges, Indian government has been thwarting any attempt to open Bitcoin exchange in India. Thus if you want to deal in Bitcoin in India, you have to do it in the grey market or deal with foreign-based\u00a0exchanges.<\/p>\n<p>While the Indian government does not like Bitcoin but it thinks that the <a href=\"https:\/\/www.techworm.net\/category\/blockchain\" data-wpel-link=\"internal\">blockchain<\/a> technology powering the Bitcoins is worthwhile and it is going to give it a spin by introducing an Indian cryptocurrency similar to Bitcoins, as per a\u00a0<a class=\"external\" href=\"https:\/\/www.business-standard.com\/article\/economy-policy\/govt-considering-its-own-cryptocurrency-117091600051_1.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-wpel-link=\"external\">Business Standard Report<\/a>.<\/p>\n<p>As per undisclosed sources, the proposal was put up by a\u00a0committee of officials consisting of Government officials and Reserve Bank of India. They set up a panel, which has recently given its report. The panel has advised the Indian government to launch its own blockchain based cryptocurrency. It has also suggested the name for the new Indian cryptocurrency &#8211; \u2018Lakshmi Coin\u2018.<\/p>\n<p>While recommending the new cryptocurrency &#8211; Lakshmi Coin is fine, India may actually take at least\u00a0five 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\u00a0will fall under the purview of Reserve Bank of India. Also, RBI will have to amend the\u00a0Currency Act to provide for enabling provision for the new cryptocurrency.<\/p>\n<p>Reserve Bank of India has been a vocal critic of Bitcoin and other cryptocurrencies. Earlier this year, it had issued\u00a0a warning to Indian Bitcoin holders about the risk pertaining to Bitcoin transactions.<\/p>\n<p>Later in July, the Indian government was reportedly mulling over the implementation of\u00a0Know Your Customer (KYC) norms\u00a0to ensure safe transactions of cryptocurrencies. However, that move was trashed as it would have legitimised\u00a0Bitcoins in India. As per a 2016\u00a0Trak.in report, India boasts of more than 50,000 Bitcoin wallets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Indian Government To Consider Introducing Its Own Bitcoin-Like Cryptocurrency Called Lakshmi Coin The Bitcoin mania has finally caught up with India. The Indian government which had so far confidently shunned Bitcoin, Ethereum, and other cryptocurrencies have now decided to join the cryptocurrency bandwagon by launching its own blockchain based Bitcoin like crypto coin called &#8216;Lakshmi [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":61602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15724,130],"tags":[6779,16029,16028,2333,6796,6771,16027,16026,3766],"class_list":{"0":"post-61598","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cryptocurrency","8":"category-technology","9":"tag-bitcoin","10":"tag-bitcoin-like","11":"tag-coin","12":"tag-cryptocurrency","13":"tag-government","14":"tag-india","15":"tag-lakshmi","16":"tag-lakshmi-coin","17":"tag-rbi"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>India to have its own Bitcoin like Cryptocurrency called Lakshmi Coin &#187; TechWorm<\/title>\n<meta name=\"description\" content=\"Indian Government To Consider Introducing Its Own Bitcoin-Like Cryptocurrency Called Lakshmi Coin The Bitcoin mania has finally caught up with India. The\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techworm.net\/2017\/09\/india-bitcoin-like-cryptocurrency-called-lakshmi-coin.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India to have its own Bitcoin like Cryptocurrency called Lakshmi Coin\" \/>\n<meta property=\"og:description\" content=\"Indian Government To Consider Introducing Its Own Bitcoin-Like Cryptocurrency Called Lakshmi Coin The Bitcoin mania has finally caught up with India. 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