India is working to launch a formal digital currency that is similar to Bitcoin

While working to create a legal framework for the currency of the Bitcoin and other digital currencies, the Indian government is now considering the launch of its own currency, which is similar to the currency of the Bitcoin. The Government Digital Currency is to be issued by the Reserve Bank of India (RBI).

Government Indian Bitcoin:-

The Indian government is considering a "proposal to introduce its own currency, like the Bitcoin," the news reported on last Saturday. So that this digital currency, which will be managed by the state will be called "Lakshmi," and this name is attributed to the name of the gods of wealth, and prosperity of Hindus. According to close sources:
"The proposal was discussed by a committee of government officials and once the decision was made about the new digital currency, it would be included within the RBI. Some laws, such as the currency code, may be amended. So this process will take a long time. "

This news comes after a speech on digital currencies by Indian Reserve Bank of India (SUD) Executive Director Sudarshan Sen on the day of the India Financial Technology Conference. Hinting at the time that the government may enter its own legal digital currency that will be issued by the Reserve Bank of India.

"Now we have a group of people who are looking for digital currencies, as an alternative to the Indian Rupee, so to speak. So we look forward to it closely. "In addition, he stressed that the central bank is not comfortable with unstable currencies such as Bitcoin.

Work on the regulation of digital currency and Bitcoin:-

At the same time, the Indian government is working on a legal framework for the currency of the Bitcoin and other digital currencies. Last week, the financial controller said that "the government will prepare a regulatory framework for the Bitcoin soon." In April, the Government established itself as a commission to investigate the currency of the Bitcoin. Last month, the financial controller also reported that the committee had submitted its report to the government, recommending the establishment of "strict control" of the digital currency, the news source said, adding that "there is no possibility of immediate restraint", but the government also does not support the promotion For this restriction. The Committee also recommended the establishment of a task force composed of officers from the Reserve Bank of Australia, and the Securities and Exchange of India (SEBI), and the Department of the Central Council of Taxation and Customs Income Tax (CBEC), and the Financial Intelligence Unit. According to the news source, financial intelligence will monitor the disadvantages of digital currencies.

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