India Likely To Launch Own Cryptocurrency: Report

India Likely To Launch Own Cryptocurrency: Report

India is evaluating the possibility to launch a government-backed cryptocurrency and crypto-token, local news outlet Quartz India reported citing a senior government official.

A panel, which was constituted by India’s finance ministry in December 2017, is likely to soon recommend that the country launch a cryptocurrency.

It is also said that the panel will discuss new amendments to the existing draft bill on cryptocurrencies. There is one proposal to make any possession of cryptocurrency without the government’s approval a punishable offence.

The panel was set up under Subhash Chandra Garg, secretary, department of economic affairs, to discuss crypto regulations in the country. A report is expected by the end of 2018.

The Reserve Bank of India or RBI also has formed a multi-department panel to study on the desirability and feasibility of launching government-backed digital coins.

Venezuela, with the launch of Petro, became the first country in the world to launch a state-backed cryptocurrency. It is backed by oil, gold, iron and diamonds.

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