According to a local news channel Quartz, Indian government is considering of issuing a state-backed digital currency – as stated by anonymous sources.
An unidentified “senior official” has explained to Quartz that the Indian government arranged a meeting to discuss questions regarding blockchain technology and cryptocurrencies. The government plans to hearten blockchain studies, however, sate-backed cryptocurrency is the only option to be considered.
Unknown source has also informed that during the panel will discuss new amendments to the already existing draft bill on digital. Importantly, possession of any cryptocurrency will be a serious crime – as one of the examples of bill proposals.
The panel was formed by India’s Ministry of Finance in December 2017 and aims to debate crypto regulations, Quartz reports. The completed report is expected to be submitted by the end of 2018.
In early April, the Reserve Bank of India (RBI) declared a ban on offering banking services regarding to cryptocurrencies or its users. At the same day, RBI revealed that it was an experiment to find the ways to issue its own cryptocurrency.
After the RBI’s ban announcement, Indian Supreme Court has received various petitions from citizens – against the ban decision.
With cryptocurrency named Petro, Venezuela was the first nation, who issued its own state-backed digital currency. Petro first introduced by the president of Venezuela, Nicolas Maduro on December 2017 and backed by diamonds, iron, oil as well as gold.
Yet, there is no sign of Venezuela’s state-backed cryptocurrency in the country, as recently reported by Reuters. A U.S. magazine Wired, on the other hand, called Petro “a stunt”.
Additionally, China and Iran are also planning on establishing their own state-backed cryptocurrency. Iranian Minister of Information and Communications Technology introduced the idea back in February, also added that the government ban on cryptocurrencies would not apply to Iran government’s own digital currency. On the other side, a specialist from China’s Central Bank suggested that the government considers announcing its own stable digital currency.
Author: Berna Bayindir
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