Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Cryptocurrency
Sensex
Inflation
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / RBI may have its own "fiat" cryptocurrency called Laxmi
Business

RBI may have its own "fiat" cryptocurrency called Laxmi

RBI may have its own "fiat" cryptocurrency called Laxmi
Written by Anish Chakraborty
Sep 17, 2017, 11:04 am 2 min read
RBI may have its own "fiat" cryptocurrency called Laxmi

RBI executive director Sudarshan Sen had said that the central bank is not comfortable with "non-fiat" cryptocurrencies i.e. cryptocurrencies which are not regulated by the government. However, Sen did mention that an RBI expert team is looking into the possibility of launching its own "fiat" cryptocurrency that would act as an alternative to the Indian currency for online transactions. More insights have now surfaced.

RBI
What's it all about?

Despite RBI's adverse stance against it and call for caution, virtual currencies are now quite popular among Indian citizens. A domestic bitcoin exchange, launched in 2005, said it was adding over 2,500 users per day and has crossed over five lakh downloads. Citing this growth, it pointed out that there's a "growing acceptance of Bitcoins as one of the most popular emerging asset class."

Fiat
Why is RBI getting involved?

Since RBI is not comfortable with the "non-fiat" aspect, it wants to have a "fiat" cryptocurrency that is regulated and not erratic in nature like other cryptocurrencies out there. 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."

Blockchain
Other central banks are also working on

Reportedly, this RBI cryptocurrency is a part of the central bank's intention of creating its own Blockchain and it'll be named Lakshmi, after the Hindu goddess of wealth. Similar experiments are doing the rounds in other countries too. The People's Bank of China is beta testing its prototype cryptocurrency. Bank of Japan and the European Central Bank have also started research on the same.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Anish Chakraborty
Anish Chakraborty
Mail
“Do not go gentle into that good night” Calcutta University, drinks coffee, owns a fountain pen, knows how to write about things lucidly.
Latest
Reserve Bank Of India (RBI)
Banking
Cryptocurrency
European Central Bank
Related
Latest
Ukraine: India to reopen embassy in Kyiv from May 17
Ukraine: India to reopen embassy in Kyiv from May 17 World
Indian Premier League: Decoding Rashid Khan's numbers against CSK
Indian Premier League: Decoding Rashid Khan's numbers against CSK Sports
BMW 3 Series (facelift) previewed in leaked images: Check features
BMW 3 Series (facelift) previewed in leaked images: Check features Auto
'The Archies': Suhana Khan-Agastya Nanda-Khushi Kapoor starrer's first-look teaser out
'The Archies': Suhana Khan-Agastya Nanda-Khushi Kapoor starrer's first-look teaser out Entertainment
Punjab: Sulking Congress veteran Sunil Jakhar bids goodbye to party
Punjab: Sulking Congress veteran Sunil Jakhar bids goodbye to party Politics
Reserve Bank Of India (RBI)
Hindustan Unilever hikes product prices for second time within month
Hindustan Unilever hikes product prices for second time within month Business
Apple stops accepting credit or debit cards for subscriptions, purchases
Apple stops accepting credit or debit cards for subscriptions, purchases Business
RBI keeps key interest rates unchanged for 11th consecutive time
RBI keeps key interest rates unchanged for 11th consecutive time Business
Taxing cryptocurrency is government's sovereign right: FM Sitharaman
Taxing cryptocurrency is government's sovereign right: FM Sitharaman Business
RBI maintains lending rates; 7.8% GDP growth projected in 2022-23
RBI maintains lending rates; 7.8% GDP growth projected in 2022-23 Business
More News
Banking
Some banking rules that will change from next month (October)
Some banking rules that will change from next month (October) Business
Banks closed up to 21 days in October: Check list
Banks closed up to 21 days in October: Check list Business
#NewsBytesExclusive: How the Russian start-up JuicyScore strategizes credit fraud prevention
#NewsBytesExclusive: How the Russian start-up JuicyScore strategizes credit fraud prevention Inspirational
Two-day bank strike from today: These services would be affected
Two-day bank strike from today: These services would be affected Business
Yes Bank resumes full banking services as RBI lifts moratorium
Yes Bank resumes full banking services as RBI lifts moratorium Business
More News
Cryptocurrency
Ezra Miller claims they record assault videos for NFT art
Ezra Miller claims they record assault videos for NFT art Entertainment
CoinSwitch Kuber suspends crypto purchase and money transfer on app
CoinSwitch Kuber suspends crypto purchase and money transfer on app Business
Reduce Twitter Blue's subscription price, ban advertising, says Elon Musk
Reduce Twitter Blue's subscription price, ban advertising, says Elon Musk Business
Major financial changes coming into effect from April 1
Major financial changes coming into effect from April 1 Business
#Budget2022 people friendly, says PM; Rahul Gandhi calls it zero-sum
#Budget2022 people friendly, says PM; Rahul Gandhi calls it zero-sum Business
More News
European Central Bank
Here's what you need to know about WEF summit 2020
Here's what you need to know about WEF summit 2020 World
Facebook co-founder bashes company's cryptocurrency plans, calls them 'frightening'
Facebook co-founder bashes company's cryptocurrency plans, calls them 'frightening' Business
Nifty50 reaches 10,000 for the first time ever
Nifty50 reaches 10,000 for the first time ever Business
Italy will pay $19 billion to bailout its failing banks
Italy will pay $19 billion to bailout its failing banks World
More News
Related
No proposal to recognize Bitcoin: Finance Ministry tells Parliament
No proposal to recognize Bitcoin: Finance Ministry tells Parliament Business
Crypto prices fall as India announces bill banning private cryptocurrencies
Crypto prices fall as India announces bill banning private cryptocurrencies Technology
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022