Government planning to come out with its own cryptocurrency: Sources

Government planning to come out with its own cryptocurrency: Sources

In April, the Reserve Bank announced a study to discover the introduction of Fiat Digital currencies, which can be issued by it.

New Delhi: In addition to getting traction between virtual currency investors, the government is planning to come out with its own cryptocurrency sources.

Although the Indian government has repeatedly stated that cryptocurrencies are not legal in India, sources told Zee Media that the government can prepare a framework by this year till September.

Sources also said that the government will formulate a policy related to cryptocurrencies by the second week of September. With RBI and SEBI, the government is in talks to come up with the final guideline on virtual currency.

While presenting his budget speech, Finance Minister Arun Jaitley had clarified that the crypto-currency was illegal and the government would not recognize them. An interdepartmental group was set up to provide guidance on “desirability and viability” to present “central bank digital currency”.

It can be noted that worries over Bitcoin and their safety across the world have increased because they are not controlled by any government / central banks, which worry about money laundering.

Media reports were that the government was launching its virtual currency called “Lakshmi”, although officially nothing was announced.

 

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