WTF Time: Government-backed Cryptocurrency – RBI’s Lakshmi
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At the time when the whole world is going mad over Cryptocurrency, the Indian government remained silent. RBI came forward and issued a statement that Indian financial system does not recognize or trade Cryptocurrency. Despite such strong statements, few brokerage companies and traders have been trading Cryptocurrency with international companies and personnel. Many new companies under the tags; Bitcoin, Cryptocurrency, Indian Bitcoin, and others came up.
The latest buzz is that the RBI is looking for the possibility of issuing a ‘government-backed cryptocurrency’, a first in the world. This new type of currency is tentatively known as ‘Lakshmi’ in the government circles. Though the government is against the cryptocurrency, Finance Minister Arun Jaitley said, the government might use the ‘blockchain’ technology for other purposes.
There have been instances where bitcoins, worth over Rs 5000+ crores has vanished, thanks to the hackers. Consequently, the Indian government is trying to formulate a law which will nullify all the cryptocurrency transactions, investments, and other forms within the geographical limits of Republic of India constitution. Cryptocurrency is also turning out to be a haven for anti-social groups, and for tax-evaders.
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