In the light of recent developments in the Indian crypto space, the government is planning to roll out cryptocurrency for the nation. Very obviously this would help government bodies to regulate the virtual currency in a more better manner and with reduced transaction time for processing.
As per sources available on local media site, the plan to release national cryptocurrency is set to be rolled out in the second week of September this year. Also, in connection with this, the government authorities are in talks with RBI and SEBI to come up with a final guideline on virtual currency.
Indeed there was speculation regarding virtual currency named ‘Laxmi’ to be released as fiat digital currency. But none of them were officially published.
It is to be noted that earlier this year, the Finance minister of India Arun Jaitley made a statement that,
“crypto-currencies were illegal and the government would not recognise them.”
Soon after this, we saw that the government of India has set up the board to investigate the desirability and feasibility of “central bank digital currency”.
With the ongoing case in Supreme court for RBI imposed a ban on cryptocurrency, and the incidents involving cryptocurrency used for money laundering, hacks in exchange houses. All these factors sum up to question whether India will go ahead with launching its own digital currency or continue with an already imposed ban on it.
What do you think of this propaganda by India? Will India eventually have its digital currency or not? Let us know your thoughts in the comment section below.
Join the newsletter to receive the latest updates in your inbox.