India’s Probable Plan to Launch Government-Backed Cryptocurrency

India’s Probable Plan to Launch Government-Backed Cryptocurrency

According to a senior government official, a panel is studying government-backed cryptocurrencies

India’s Ministry of Finance Panel, formed in December 2017, might propose a state-backed cryptocurrency. Among the topics discussed by the panel are an amendment of the country’s Currency Act and whether a government-backed digital asset is a decentralized or centralized system.

The country’s central bank, Reserve Bank of India, also formed its multi-department panel to discuss such possibility.

India’s government is concerned that cryptocurrencies may be used for fraud and money laundering. Since July, the central bank prevented banks from continuing business relationships with crypto exchanges and traders.

Other Countries Exploring Government Issued Cryptocurrencies

Venezuela has launched its oil-backed Petro and Iran is gearing up for the launch of its own cryptocurrency.

Related news

Report: India Considers Complete Ban on Digital Currencies

Report: India Considers Complete Ban on Digital Currencies A draft bill that would outright ban cryptocurrency is reportedly circulating among various departments of the Indian government, local media outlet The Economic Times reported on April 25. An official familiar with the matter reportedly told the Economic Times that the government has begun inter-ministerial consultations on […] Cet article Report: India Considers Complete Ban on Digital Currencies est apparu en premier sur Bitcoin Central.
Bitcoin Central

Iran Makes History with Country’s First Ever Bitcoin ATM Setup in Tehran

Cryptocurrencies are taking over the world. Do you doubt that? You only need to see how many countries are starting to slowly yet steadily accept cryptocurrencies that you will see. Now, Iran joins the list of companies that received new crypto products this week with its brand new Bitcoin ATM. The first machine of this […]
Bitcoin Exchange Guide

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.