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Sept. 18, 2017

The Indian government is reportedly considering a proposal to introduce its own cryptocurrency based on a blockchain, Business Standard reports.

The Indian press reports that the Indian government is considering “a proposal to introduce its cryptocurrency similar to Bitcoin (TIKER: BTC.EXANTE),” and which will be issued by the RBI (Reserve Bank of India).

This state-run cryptocurrency will be called “Lakshmi,” the name of the Hindu goddess of wealth, fortune, and prosperity.

This proposal was discussed by a committee of government officials, and the panel found the idea of setting up and running blockchain for financial services useful.

Speaking at a FinTech conference last week, RBI executive director Sudarshan Sen said: “Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.”

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