India Releases Its Own Cryptocurrency

Soon after all the debates and discussions subsided, there were news that India might soon have its own cryptocurrency. Recently Indian government announced the possibility of launching its own cryptocurrency. The proposed state cryptocurrency is to be issued by the Reserve Bank of India (RBI).

This is good news for followers of virtual currencies. The government advocates the creation of a national or local virtual currency, and to achieve this goal, it is trying to master the technologies used to create this currency.

Currently, the government is working on technology and public services associated with it. In fact, it is trying to find a way to use technology in a positive direction.

According to sources, the project of its own virtual currency will be prepared by September 2018, and the final provisions related to the cryptocurrency will be issued by the first week of September.

Now the government is negotiating with the Reserve Bank of India (RBI), with the Board of the Securities and Exchange Commission of India and other interested parties.

It is noteworthy that cryptocurrencies such as Bitcoin and others were practically banned in India, and the authorities do not want to encourage people to invest in them at all.