Govt may launch India's own cryptocurrency 'Lakshmi'

With cryptocurrencies like Bitcoin gaining popularity in India, the government may roll out the country’s very own cryptocurrency.

According to a report in Business Standard, sources in the government said that a committee was set up to discuss the proposal of having India’s own cryptocurrency, as an alternative to the Indian rupee.

The report also said the government might name its cryptocurrency “Lakshmi”.

Reserve Bank’s executive chairman Sudarshan Sen on Wednesday had said the central bank is not comfortable with non-fiat cryptocurrencies like the Bitcoin. He had also hinted that it may launch its own cryptocurrency. “Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely," Sen had said.

The introduction of this new cryptocurrency may require the amendment of the Currency Act.