RBI may have its own "fiat" cryptocurrency called Laxmi
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 cyrptocurrency is in the making
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."
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."
Love Business news?
Stay updated with the latest happenings.
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.
Govt may get Rs. 15,000cr from NIA, GIC Re IPOs
Japan's elderly are banking heavily on driverless cars