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.
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