India cryptocurrency 'Lakshmi Coin' - page 2.

BitcoinHodler

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Quote from: tsaroz on September 24, 2017, 06:16:24 AM

Quote from: sidmlm on September 23, 2017, 12:05:31 PM

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

No it's not true. Lakshmi is from an independent developer who experimented some level of centralization in blockchain.
There's no government involved.
Here's the announcement.

that is not much of an announcement though! it seems more like a bad joke of a random throwaway account possibly even to ruin the name of the coin.

- no source code
- no website
- no link
- no proper explanation

he just says a couple of vague stuff and goes away.

i can not recall the name of the coin but i know well enough that there was in fact a project by Indian gov. to do something like that. and it is still in early stages. it is not really big or official yet.

tsaroz

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Quote from: sidmlm on September 23, 2017, 12:05:31 PM

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

No it's not true. Lakshmi is from an independent developer who experimented some level of centralization in blockchain.
There's no government involved.
Here's the announcement.

eaLiTy

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The concept of crypto currency is to have a decentralized freedom between its users rather than the prying eyes of the government and here the government wants to take advantage of the new system and introduce its own currency and have it regulated and i am not sure what its uses are,lets see what they are after and how they will implement it.

HabBear

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Quote from: GreenBits on September 23, 2017, 03:30:48 PM

so its not so much digitally represented currency as much as it is decentralized digital currency. digital essentially means liquid in this case. they dont want unkown money zipping around without any oversight; and this is pretty understandable from a state actor's perspective.

But the fact that they're creating it makes it decentralized.

I think this is really an opportunity for Governments to increase their abandonment of paper currency so (as you say) they can track transactions. If the populus likes Bitcoin and cryptocurrencies a government could say "we've created our own!" with hopes that the people don't realize that this the Government imposing more regulation and monitoring over their money and spending and saving.

We should make it known what the correlations are between this move by Government's and parallel initiatives to outlaw paper currency.

This move by government's could further speed up adoption of Bitcoin and other truly decentralized cryptocurrencies.

GreenBits

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Quote from: HabBear on September 23, 2017, 03:20:49 PM

I feel like government's are missing the point of cryptocurrency...which is decentralization of control. Every developed country in the world already has a digital currency. More transactions happen over the web, digitally, than via paper currency transactions.

Or are government's really trying to abandon their existing currency for someone new one?

Maybe the press is confused and this is really about government's shifting their transaction accounting to blockchain technology.

Someone's missing the point - it's either the governments or the press.

thats pretty much the rub. governments really dont have an issue with digital currency. we have been using what amounts to an e dollar for many many years now (since the inception of the ACH practically). any government that has an automated clearinghouse like ours is basically doing the same. so its not so much digitally represented currency as much as it is decentralized digital currency. digital essentially means liquid in this case. they dont want unkown money zipping around without any oversight; and this is pretty understandable from a state actor's perspective.

we all want bitcoin to be this huge thing beyond the reach of the government. yet I cant think of a single thing that is actually like that in the real world.

HabBear

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I feel like government's are missing the point of cryptocurrency...which is decentralization of control. Every developed country in the world already has a digital currency. More transactions happen over the web, digitally, than via paper currency transactions.

Or are government's really trying to abandon their existing currency for someone new one?

Maybe the press is confused and this is really about government's shifting their transaction accounting to blockchain technology.

Someone's missing the point - it's either the governments or the press.

Ariess

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Quote from: sidmlm on September 23, 2017, 12:05:31 PM

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

can be. if they want it, but the most important thing is what they will give to the world. what concept they will bring. if its purpose for popular is difficult, it is very difficult to compete with bitcoin

ZaraArun

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Quote from: sidmlm on September 23, 2017, 12:05:31 PM

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

Apparently the SIT has some negative impression.. Maybe they have some misgivings as well.. You know how it works in India... Lakshmi coin had to initially halt their planned ICO because of the Government..
Jamie Dimon apparently advised the RBI against cryptos ... but the SIT has not reached the final decision yet.. I wish there was a way we could influence their decision in favor of the TRUE new world order..
It time to end the centralized monopoly as it has lead to mass corruption and loss of control...

Catmony

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Quote from: sidmlm on September 23, 2017, 12:05:31 PM

What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

Narendra Modi can do that as he love new technology but introduction of this types of coin from governments is just their effort to replace bitcoin from their country which is not quite possible because a normal person with little bit knowledge of supply/demand/inflation can differentiate between all these government issued tokens and bitcoin.

GreenBits

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Quote from: Merovius on September 23, 2017, 01:19:42 PM

Yes, I saw that story a few days ago. Apparently it is a proposal from a committee of Indian government officials and some people from the Reserve Bank of India. The new coin may be called "lakshmi" or "laxmi" but will probably take a few years to be implemented because of India's rather slow and cumbersome bureaucracy.

https://www.techworm.net/2017/09/india-bitcoin-like-cryptocurrency-called-lakshmi-coin.html

its interesting how in addition to the guidance/ regulation that governments are imposing on bitcoin, a few of the governments you would expect are proposing introducing national coins. this is like the most perfect situation you could possibly imagine for a government with strict capital controls in place, that wants additional value. you get the easily manipulated markets that crypto is famous for, and a government sponsored list of all transactions that have ever occurred within the system/currency.

its big brothers wet dream to have a state issued coin Wink

Merovius

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Yes, I saw that story a few days ago. Apparently it is a proposal from a committee of Indian government officials and some people from the Reserve Bank of India. The new coin may be called "lakshmi" or "laxmi" but will probably take a few years to be implemented because of India's rather slow and cumbersome bureaucracy.

https://www.techworm.net/2017/09/india-bitcoin-like-cryptocurrency-called-lakshmi-coin.html

moooonu

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Can be possible as Indian PM is trying to promote digital India but also there will alot of consequences with that. Alot of regulations to be maid to make it legal and accept all over the world as well.

sidmlm

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What ? Govt of India may launch India's own cryptocurrency 'Lakshmi Coin' ?

Topic: India cryptocurrency 'Lakshmi Coin' - page 2. (Read 1302 times)