Is India thinking of its cryptocurrency?

Is India thinking of its cryptocurrency? New rumors confirm steps forward by the Indian government.

Is India thinking of its cryptocurrency? - cryptocurrency3

A board of directors made up of the Indian Ministry of Finance has suggested that the nation may have one criptovaluta supported by the government.

"We are evaluating a state-supported crypto currency," said a senior government official aware of the dialogues within the board. “In addition, we hope to create and enhance our innovative technology work on blockchain”He added, alluding to the digital basis on which the functioning of cryptocurrencies is based.

The board was established in December 2017 under the direction of Subhash Chandra Garg, head of the financial firms office, to recommend measures on cryptographic resources. The board is expected to present its report by July, but the deadline has been postponed to the end of the year.

So, for the moment there is nothing certain, but some rumors seem to be encouraging in this sense, even if the opposite rumors are not lacking. "In case a virtual currency is backed by the government, then it is in conflict with the whole sector" - said an anonymous member of the board - "These are basically decentralized registrations, and if the government or the central bank is looking for to control them, at that point it loses its very nature ".

It is also difficult to try to understand what Indian projects and purposes could be. Some observers argue that India could retrace the path of petro, with Venezuela, the second most important crude oil producer in the world, which launched the first government-backed digital currency a few months ago, and that Iran is trying to do the same.

The Reserve Bank of India would probably have liked to call its digital currency Lakshmi after the Hindu goddess of wealth.