Lakshmi Coin India Consideration
I ran across an blog post and video from GadgetsTricks.com discussing India’s interest in creating the Lakshmi Coin:
What Is Lakshmi?
The Lakshmi, or ‘Laxmi’ is the Hindu goddess of wealth, fortune and prosperity. So it’s only right to choose a name for their digital currency, Lakshmi Coin.
Key Notes About This
Based on my research, I’ve come across the following:
- The Reserve Bank of India isn’t necessarily open to this idea, referring to Cryptocurrencies as “non fiat”. The central bank will study the issue more.
- The Indian Government has shunned this method of payment due to lack of trust. Neighboring China has attempted to ban companies raising money through Initial Coin Offerings.
- The Currency Act may have to be amended.
- Next to mobile usage, Bitcoin seems to already be embraced by many Indians as a form of exchange.
Long Way To Go
While many use Cryptocurrencies, it’s not clear if the future’s bright for global acceptance due to some concerns and criticisms. Thus, the Lakshmi Coin may face steady challenges for the future.