Forget Bitcoin! India likely to get its own cryptocurrency soon

Soon after all the debate and discussion subsided, now there is news that India may soon get a cryptocurrency all its own. 

This comes as a good piece of news for the followers of virtual currencies (VCs). The government is in favour of a native or indigenous virtual currency, and to fulfil that purpose, it is trying to learn the technologies being employed in these currencies. 

Sources close to the development have informed Zee Business that the government is working on the technology related to virtual currencies and is looking forward to developing a native or indigenous virtual currency within the country. At present, the government is working on the technology and utility associated with it. In fact, it is trying to find a way to use the technology in a positive way. 

According to sources, the blueprint of the native virtual currency will be prepared by September 2018 and the final guidelines related to the cryptocurrency will be released by the first week of September. 

Right now, it is engaged in talks with RBI, SEBI and other stakeholders. 

Notably, cryptocurrencies like Bitcoin and others have been virtually banned in India with the authorities unwilling to encourage people to invest in them at all.

SET IN MOTION

According to sources, the blueprint of the native virtual currency will be prepared by September 2018 and the final guidelines will be released in September