Indian Government To Launch Cryptocurrency
October 12, 2018 1:27 pm
The Indian government is doing its best to keep cryptocurrencies out of the country. It seems that the government isn’t denying access to cryptos completely. The recent report mentions that the Indian government is planning to launch its own digital currency.
One of the senior officials from the country’s finance ministry has acknowledged this plan. The team behind launching a government-backed cryptocurrency was set up in December 2017. The team has set a goal of recommending measures to direct the cryptocurrencies efficiently.
After an investigation, the board was expected to present its findings by July 2018. The deadline was later moved to the end of 2018. The Indian government and the country’s central bank tried to ban the operations of cryptocurrency exchanges in the country.
The report further stated that a final decision is yet to be undertaken. The government is thinking of ways to launch India’s own cryptocurrency despite the exchange ban. One of the executives said that the launch of a cryptocoin supported by the government would oppose the entire concept of cryptocurrencies.
The government might ban all cryptos in the country if it launches its own cryptocurrency. The official further commented that using any altcoins rather than the country’s own digital currency may become an offense.
The announcement comes after the RBI attempted to push Bitcoin out of India. In July 2018, the RBI ordered all banks to immediately stop all dealings with entities that use cryptocurrencies as part of their business dealings. The announcement also included the ban on cryptocurrency exchanges and individual traders.