india may launch its own cryptocurrency - "lakshmi"

bitctrimor1

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“Blockchain Connection Framework”

Quote from: Str1x on October 03, 2017, 03:07:39 PM

Quote from: TimeHacker on October 03, 2017, 02:02:02 PM

It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.

Countries and banks just try to get in on the profit. If they see what bitcoin did in a couple of years, you can't blame them for trying to get a piece of the cake. However like with fiat money it's so stupid that if you go abroad you need to exchange your money for foreign currency. What bitcoin can do is making 1 universal coin for all countries. Hope this new trend is soon to be taken down and bitcoin will rise as the sole contender.

I think the introduction of their own cryptocurrency stems out from the fact that bitcoin had been a success. However, right now, unless they would ban bitcoins and altcoins alike in their country and require their own to be used, it would be their only way to jump-start the recognition of their own cryptocurrency in the market. I think India have seen the potential of bitcoins and wants to capitalize on it by way of introducing their own.

HasHe

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Indian government is totally confused in deciding about bitcoin.At first,when the indian police caught five youths in the capital city using drugs and found to have bought it with bitcoins,the government discussed to declare bitcoin a illegal.Then a sudden U-turn and formed committee for giving recommendations to legalize digital currencies.

And now,it has decided to launch its own crypto currency "Lakshmi".

It seems that after severe economic crisis due to demonitization and very high GST tax announcement,the indian government is just trying to divert the attention of the people.

cryptohome

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Just read that a few months ago, and felt really good, by then everyone would be aware of crypto currency and bitcoin. Hope by then it wouldn't be too late. Most of them would be kicking for missing the train Angry

trickyriky

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To my opinion we can discuss about national cryptocurrency very soon. The trend in the development of cryptocurrencies sphere allows to do such analysis.
Many countries saying that they will create new country crytpo currency. Anyway still all this just talkings.

abcd7

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cant see the reason to launch his own currency from the time that is in the list of poorest counties in the world
https://www.gfmag.com/global-data/economic-data/the-poorest-countries-in-the-world?page=12

joseafonso123az

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Even if several countries create their own cryptocurrencies, unless they ban BTC, I believe BTC will continue having the value that it has, simly because it is the 1st cryptocurrency, and by now, adopted by many users. Maybe until they create their coins, there will be more users of BTC, thus making BTC more valuable.
For the part of adopting a crypto besides their own fiat, that yes, would be interesting as I believe both the coins will have their use, and would sustain better the financial system of the countries!

covfefe_

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Governments are still unsure what to do with cryptocurrencies. Cryptos will destroy the traditional payment system and it would be difficult for the government to tax it and control the flow of currency. But the crypto tech is coming unstoppable.

Decentralix

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Bring it on, I'll buy some Bhang with Lakshmi Grin

Seriously though crypto is now truly getting started in the mainstream

Way earlier than I anticipated!

Shekspi

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That is a very good idea -one country-one crypto. And on the top level -BTC

MONSUN

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Instead working from scratch they should adopt doge or Digicoin Tongue

elson

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Japan said in a few days ago to launch its own encrypted currency, but it seems just that will be launched without a fixed date, so this argument is unreliable

yillusion

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i heard that China is also launch its own cryptos, maybe the ambitious country all have their own development of cryptos, but i cant see the future except the the executive order forced the promotion

MONSUN

newbie

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Such country specific particularly developing one are coming up with their own CC.. I think that wont succeed , recently India disowned its own currency n launched new one.. who can assure they wont do with their to be CC ?

CrypticSatu

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If governments make their own crypto, Im guessing they will make them unlimited. We allready have one such coin, Doge. Its value is not very high.

numiv

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It has nothing to do with governments wanting to have their own currency, but some important people trying to make a profit. This will not affect bitcoin, not in the long term. But it shows that there's a growing interest. Wink

Siskaver

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Quote from: daveon on October 04, 2017, 02:05:35 PM

Governments/Banks cannot compete in the cryptocurrency environment. They will fail because they lack skill and brain power.

Lol, you're cute

You realize governments and banks CAN and WILL pay developers and professional teams to take care of projects like these?

Slowhand26

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This is a good news for crypro community. Someone should really start this innovation to introduce to the world of tradional market. Despite of some countries trying to block this, India will be a great influence since the country is known to technology

barbara44

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Quote from: bitcoinvamp on October 12, 2017, 01:04:55 PM

Quote from: n691309 on October 06, 2017, 01:10:38 PM

Quote from: bitcoinvamp on October 03, 2017, 11:07:28 AM

According to a report in Business Standard, sources in the government said that a committee was set up to discuss the proposal of having India’s own cryptocurrency, as an alternative to the Indian rupee. the reserve bank's chairman said in a committee that they are not comfortable about the non-fiat cryptocurreny like bitcoin. so they launch there own cryptocurrency in india known as "lakshmi". also this would require the amendement of the currency act. So could this decision lead to a major effect on the market of bitcoins or not???

Government trying to form their own centralized cryptocurrency since they have seen that bitcoin is uncontrollable. They should go ahead and let us see who is going to be dumb enough to make use of what they have.

I do not really see how this would be of much importance even to the crypto society and apparently will not even be a global currency.

Eventually, most people in India will stick to bitcoin as their preferred payment method, leaving the government with her own digital currency. Although, the good thing about these whole thing is that it is obvious blockchain technology is making a huge impact all over the world.

ya it may be true what you said but just as a matter of fact if we start considering the comparison of population of different countries then INDIA being at no.2 can match with bitcoin if there population started to stick with there own cryptocurrency rather than bitcoin

It is not only that bitcoin cannot fulfill the needs of such a great population but India is well aware of the future of money. The idea of handling all financial matters with digital currencies is more powerful than any crypto coin itself.

Bitcoin gave two new ideas to whole world; digital currencies and blockchain technology. Many companies want to use the blockchain technology in some other way for security purpose.

bitcoinvamp

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Activity: 182

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Quote from: n691309 on October 06, 2017, 01:10:38 PM

Quote from: bitcoinvamp on October 03, 2017, 11:07:28 AM

According to a report in Business Standard, sources in the government said that a committee was set up to discuss the proposal of having India’s own cryptocurrency, as an alternative to the Indian rupee. the reserve bank's chairman said in a committee that they are not comfortable about the non-fiat cryptocurreny like bitcoin. so they launch there own cryptocurrency in india known as "lakshmi". also this would require the amendement of the currency act. So could this decision lead to a major effect on the market of bitcoins or not???

Government trying to form their own centralized cryptocurrency since they have seen that bitcoin is uncontrollable. They should go ahead and let us see who is going to be dumb enough to make use of what they have.

I do not really see how this would be of much importance even to the crypto society and apparently will not even be a global currency.

Eventually, most people in India will stick to bitcoin as their preferred payment method, leaving the government with her own digital currency. Although, the good thing about these whole thing is that it is obvious blockchain technology is making a huge impact all over the world.

ya it may be true what you said but just as a matter of fact if we start considering the comparison of population of different countries then INDIA being at no.2 can match with bitcoin if there population started to stick with there own cryptocurrency rather than bitcoin

bitcoinvamp

full member

Activity: 182

Merit: 100

Quote from: shamzblueworld on October 04, 2017, 12:46:42 PM

Quote from: TimeHacker on October 03, 2017, 02:02:02 PM

It looks like quite a few countries and banks are planning to launch their own cryptocurrencies. It is indeed a very interesting development.
However, it is very difficult now to say how will all these "official" government or bank issued cryptocurrecies influence Bitcoin and the whole crypto ecosystem. It can both boost it and push it down.

The point is the all of the official cryptocurrencies will be centralized, taking the core concept of bitcoin and digital currencies out of it. Only good thing that can happen with this is more people may end up understanding about bitcoin and its value.
But your concern is correct too, it can go either way, lets just hope for the bitcoin sake that it only boost it.

ya you are right and i hope it will take the value of bitcoin even higher

Topic: india may launch its own cryptocurrency - "lakshmi" (Read 978 times)