News

India Is Planning To Launch Its Own Cryptocurrency According To A Report

After the hustle bustle that followed RBI’s petition to ban cryptocurrencies in India, it is now rumored that India is planning to launch its own cryptocurrency.

According to Zee Business, sources working closely with the government have disclosed that the government is working on using Blockchain technology to issue its own Cryptocurrency for usage within the country.

The RBI (Reserve Bank Of India) had issued a ban on banks from dealing with Cryptocurrency exchanges which went in effect in early July, this pretty much stopped most of the Fiat to Crypto trading in India. Petitions have been filed against the RBI in the supreme court whose final hearing is adjourned to September 11th.

According to Indian banks, foreign cryptocurrencies were susceptible to misuse and therefore is planning to come up with a cryptocurrency of its own. This cryptocurrency will be under the domain of the Reserve Bank of India.

News of a cryptocurrency has been refreshing news for people who are avid followers of cryptocurrencies. Lately, the Indian government has been highly active in encouraging people for cashless transactions and as a part of this initiative, they are trying to grow the cryptocurrency market too. There are many companies who are trying to make the blockchain technology work and for that, they would need a cryptocurrency.

The banks are trying to bring companies to bring the blockchain technology in India. There are many startups which have opened Bitcoin wallets in India and considering the anonymity the cryptocurrencies can provide, even the government is taking interest in it.

The blueprint of the new cryptocurrency is said to be ready by September 2018 and the final usage guidelines will be available soon. The Indian government is trying to engage in talks with RBI, SEBI and other stakeholders so as to increase the funding for the launch of the currency.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Sonali Sharma

Share
Published by
Sonali Sharma
Tags: IndiaRBI

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

1 month ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

2 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

3 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

3 months ago