The Indian government is allegedly taking a U-turn on the cryptocurrency debate and probably has come on the other side. After opposing the digital currency for quite some time the government is now planning to come up with its own cryptocurrency. It is known that the officials support the digitization and technological advancement which has paved the way for blockchain technology, (which also serve as the platform for crypto trade). It seems that the system is now coming up with this new payment method system and its operations.
According to Zee Biz, it is stated that the Indian government officials are working on a new technology related to cryptocurrency. In addition to this, it is also mentioned that they are also trying to understand the know-how and skill set which is used in such operations. The senior officials are looking forward to developing an indigenous cryptocurrency.
As per the latest information revealed by the sources, it is stated that the first draft of the native cryptocurrency will get ready by the first week of September 2018. Along with this, the agencies are also preparing a regulatory draft for the virtual currency which will define the norms and policies for its regulation in India.
Indian Stand On Cryptocurrency
Indian government refrained to talk about digital currency at first but with the advancement of blockchain in India, it has again found a new way to enter the Indian market. The Reserve Bank of India imposed a ban on the cryptocurrency earlier this year fearing the illegal flow of money. A notice was issued to all financial institutions within the country to prohibit any transaction in virtual coins.
The market saw a huge fluctuation in the price of Bitcoin last year when it was trading at an all-time high value. It was then a huge chunk of Indian traders started investing a whopping amount in the crypto trade. However, due to the lack of regulation, it has turned out to be volatile and risky.