After demonetization, India is now looking forward to the brave new world of cryptocurrency. According to the Economic Times, RBI is planning to get in the digital currency business with cryptocurrency named Lakshmi Coin which is a lot alike Bitcoin.
Lakshmi Coin CryptoCurrecny | Digital Currency
We all know that the BitCoin has become the most popular cryptocurrency, although it made a huge attention to every people in the world. So that make sense why RBI shows interest on digital currency. Since banking is not compatible with non-fiat digital currency, RBI is looking forward in possiblity of a fiat cryptocurrency which would become an alternative to the Indian rupee for digital transactions.
Blockchain is a shared, immutable ledger for recording the history of transactions. Some of the banks in world such as the Bank of Japan and the European Central Bank have launched a joint research project which studies the possible use of Blockchain technology. According to a Bloomberg report, The People’s Bank of China has done trial runs of its prototype cryptocurrency, taking it a step closer to being the first major central bank to issue digital money.
State Bank of India has taken the lead in bringing lenders and tech companies together for using Blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks’ loan book.
BitCoin and Blockchain Explained
So what think about this? Share your thoughts with us by commenting below.