Indian Gov’t Is ‘Assessing’ the Launch of own Cryptocurrency

The Indian government "estimates" the ability to issue state crypt valued, sources told local daily Quartz India on Wednesday (October 10th).

An unnamed "top official" told Quartz that the government had set up a panel to deal with cryptic and blockade issues. If, according to the local source, the government seeks to "stimulate" the block-chain studies, the launch of state-protected cryptography is only an option to consider.

The source also said that the panel would discuss new changes to the current cryptocurrencies. One of the proposals is to possess a cryptocurrency without the government's approval of a criminal offense.

The panel was formed in December 2017 by the Indian Ministry of Finance to discuss cryptographic regulations in the country, says Quartz. It is required to report by the end of 2018.

The Reserve Bank of India (IRB) announced for the first time the ban on providing banking services to crypt valued users at the beginning of April. Within a day, the IRB has discovered how to explore ways of issuing its digital currency. Despite the government's interest in launching its crypto, the ban came into force on July 6.

India's Supreme Court received several proposals against the IRB decision, the last of which should be heard at the end of September.

The first nation in the globe to launch a state cryptocurrency is Venezuela. On December 4, 2017, the president of the country, Nicolas Maduro, announced for the first time that Petro, a digital asset of oil, gold, iron, and diamonds, was published.

However, the recent Reuters report says there is no record of the existence of Petition in Venezuela, while the American journal of culture, Wired, called the Venezuelan crypt, the "waterfall."

Iran and China are also contemplating creating their digital currency protected by the state. The Iranian Information and Communication Technology Minister introduced this idea in February, saying the ban on cryptographic transactions in the country would not be worth the money issued by the government. Meanwhile, an expert from the Chinese central bank recently called on the government to consider launching its own stable cryptic currency (stablecoin).


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