According to the Quartz India, India is trying to facilitate the move for a cryptocurrency which would be backed by the government. It has been announced that India is interested in getting their own cryptocurrency called; Lakshmi Coin. However, this is only considered to be just an alternative but one that is for sure is that India has started moves to make sure study of blockchain is pushed further into the limelight in India. According to source in Government, the government in time is set to appoint a committee which would deal with all the necessities that come with cryptocurrencies.
Also, what is in line for the panel to discuss is the amendment of the bill which was passed and is based on regulating the use of cryptocurrencies in India. It is alleged that plans have been set up by the panel to move the notion that all persons who use cryptocurrency without an approval from the government would now be criminally prosecuted.
all persons who use cryptocurrency without an approval from the government would now be criminally prosecuted.
It is worthy to mention that a panel was once set up late 2017 by the finance minister of India in order to discuss further the use and how to regulate cryptocurrency in India. This panel is also supposed to draft a formal report which is expected sometime this year.
It should also be kept in mind that in mid-year, the reserve bank of India (RBI) issued a ban on restriction on anyone who was found using cryptocurrency in their operations. This held irrespective of the fact that the government has shown a massive interest in making their own cryptocurrency (Lakshmi Coin) officially. This ban has been condemned by many individuals and companies in India. This has, in turn, led to a lot of petitions by persons to the supreme court to eliminate this ban. Many of their petitions are due to be heard this fall.
This latest interest in cryptocurrency cones on the bank of the announcement by Venezuela that they were going to use their own special cryptocurrency for trade and business. Petro was chosen as the digital currency and this was officially announced by Mr. Maduro. However, many observers have noticed that while that has been announced, there is simply no sight of the cryptocurrency in Venezuela and it has even been regarded as simply a publicity stunt by the government.
However, what we do know is that countries such as China and even Iran are seriously looking into the use of cryptocurrencies. This idea was promoted by the Iranian minister who first brought it to light in February stating it was the perfect response for their recent ban on cryptocurrencies while just recently China and its central bank have pushed for there to be a stable cryptocurrency working in the jurisdiction of China
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