According to the report, Rumors are rising that the Indian government is looking for its cryptocracy. During a private panel with the Ministry of Finance of India, quotes from high ranking officials indicate that India is considering to research and develop its own cryptocurrency.
A senior government official has cited that, “We are evaluating government-backed cryptocurrency and crypto-tokens.” Notwithstanding this, every Indian official does not agree that it will be a step forward for India. An unknown executive says:
If the government supports the virtual currency then it goes against the whole grain of such coins … These are essentially decentralized lasers, and if the government or the RBI is trying to control it, So it loses its meaning.
Although it comes as good news for members of Indian cryptocurrency community, this is the first good news in the long run. In the last few months, the Government of India has clearly been anti-cryptocurcurrency, which includes laws and regulations that are limiting the development of cryptocurrency in India.
The most harmful of these laws come from the Reserve Bank of India (RBI), which had previously banned the cryptocurrency exchanges (and some of their users) from the bank accounts.
Due to these rules, cryptocurrency exchanges are losing members, worried that RBI will close their bank accounts to use cryptocurrency. Zebpay, once the largest cryptocurrency exchange in India, shut down last month after their bank accounts were frozen by the government.
India is not the first nation to discuss Federal Organized cryptocurrency. Venezuela, a victim of heavy inflation, started its own oil-backed cryptocurrency at the beginning of this month.
The Venezuelan Petrois pegged to the price of one barrel of oil and is already being used for government processes. In addition to Venezuela, Iran is researching the viability of a national cryptocurrency.
After US sanctions, Iran’s growth was limited, Iran is in any way possible to participate in the global economy.