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Govt. Of India Re-Evaluating The Launching Of Its Own Digital Currency.

According to a recent news report by local news source ’Quartz,’ an anonymous senior official has told Quartz that the govt. of India has created a panel which will discuss queries concerning cryptocurrencies and blockchain. In line with Quartz’s sourcethe Govt. of India is looking forward to encourage the blockchain studies, the launch of a state-backed digital currency is however merely a option of choice to be thought-about.

Adding further the anonymous source told that the panel would discuss new amendments to the present draft bill on cryptocurrencies. One amongst the proposals is reportedly to form any possession of cryptocurrency without the government’s approval, a punishable crime.

The panel was created in back in the month of Dec 2017 by India’s Ministry of Finance to examine the existing crypto laws within the country, Quartz added. However, It’s expected that this report is revealed by end of this year.

RBI [Reserve Bank Of India] primarily declared its ban on providing banking services to any cryptocurrency users in early April following this yearJust within a day, the Reserve Bank Of India also revealed its plans that it had been exploring new ways to issue its own digital currency. Despite the government’s interest in launching its own crypto, the ban was implemented in early July this year.

The Indian Supreme Court also received many petitions against this RBI’s call, the last of that were set to be examined later in this year.

The primary country within the world to launch a state-backed cryptocurrency ‘Petro,’ was Venezuela that’s reportedly backed by oil, gold, iron and diamonds, was 1st declared by the country’s president Nicolas Maduro on Dec. 4, 2017.

However, a recent report by Reuters claimed that there’s no sign of Petro’s existence in the country, while a U.S. culture magazine Wired has referred to the Venezuelan cryptocurrency calling it “a stunt.”

Along with Venezuela, other nations including Iran and China are also considering launching their own state-backed crypto currencies. Iranian Minister of Info and Communication conferred this thought in the month of Feb. this year stating that the country’s ban on crypto dealings wouldn’t apply to the government-issued coin. Meanwhile, a professional from China’s central bank has recently urged the country’s govt. to think about launching its own stable cryptocurrency ‘stablecoin’.

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