As we know that government has no control over cryptocurrency, Indian government is going to launch a new digital coin named “Lakshmi”. “Lakshmi” is the name of Indian goddess. There are a lot of cryptocurrency among which bitcoin is more popular and the first cryptocurrency created by Satoshi Nakamoto on 3rd January, 2009. Its popularity is going up day by day. Today the value of 1 bitcoin is around $7860. The central bank of India found in his research that people are taking huge interest in bitcoin and investing largely in this cryptocurrency. But they thought that bitcoin transaction is actually anonymous and no central body can control it, so the chances of misuse are possible. The transaction occurs between peer to peer, means A can send his bitcoin directly to B. There will be no central body between them who will control the transaction. In traditional fiat currency transaction, government has control over it.
So in order to reduce the chances of misuse of cryptocurrency investment, Indian government is working on implementing a new cryptocurrency named “Lakshmi” which will be governed and controlled by the Reserve Bank of India (RBI). The same blockchain technology used by bitcoin itself will be used to run this digital coin. During the period of demonetization, Indian government largely supported cashless transaction or digital transaction which actually induced people to invest in cryptocurrency like bitcoin. Seeing the present scenario in India, government needs to launch its own cryptocurrency so that people can make transaction digitally. But the difference is that the transaction will be controlled by the central bank of India called RBI which separates it other cryptocurrencies. I don’t know how much people will invest in “Lakshmi” cryptocurrency as people like anonymity which makes bitcoin popular.
Problems of cryptocurrency transaction
It is also true that cryptocurrency transaction is anonymous which helps hackers largely earn bitcoin. Recently cyber attacks have been increased in which they encrypt all the computer files and demand bitcoin to decrypt it. This is one of the big problems including black money that induced Indian government to create its own cryptocurrency.
Despite these big problems, cryptocurrencies are getting more popular all over the world and people are taking payment in cryptocurrency in exchange of providing services and any kind of goods because they like anonymous transaction. Due to rapid growth in bitcoin investors and in order to keep cryptocurrency transaction safe, Indian government can now implement Know Your Customer (KYC) norms.
Impact of “Lakshmi” cryptocurrency
What you think about this new cryptocurrency which is going to be launched by Indian government. Will people invest in this digital currency as it will be under the supervision of the Reserve Bank of India? In my opinion, people who like anonymity, they will definitely avoid investing in this cryptocurrency. One thing we can understand that this cryptocurrency will be centralized cryptocurrency which will be controlled by the central bank of India. Do you think “Lakshmi” can beat “Bitcoin”? Only time can give you the answer. Till then we will have to wait.