The government is also exploring the idea of introducing its own cryptocurrency named as Lakshmi.
Bitcoin will not become legal in India unless it is monitored.
SP Sharma chief economist at the Ph.D. Chamber of Commerce and Industry has made a claim that without proper monitoring there is no chance that Bitcoin will become legal in India.
Just like Pakistan, in India too, Bitcoin is neither deemed legal nor illegal. There have been several instances in Pakistan when the government warned Bitcoin users against cryptocurrency scams. FBR also announced that it will take action against people utilizing the platform to whiten their black money. But State Bank of Pakistan doesn’t recognize any digital currency including Bitcoin.
SP Sharma has said,
“Unless the cryptocurrency is properly and comprehensively regulated and monitored by a robust institution, I don’t see Bitcoin becoming a legal currency in India.”
While the Indian Government is not sure about the legal status of Bitcoin. There have been circulating news that the government is planning to launch its own spin-off of Bitcoin, called Lakshmi. Lakshmi will be built on the protocol of Bitcoin and just like any cryptocurrency, it will be decentralized, anonymous and secure.
Different countries have started to explore the idea of having a cryptocurrency. While some countries are exploring Bitcoins, the other ones are toying with the idea of creating their own. Dubai is set to launch its own official cryptocurrency ’emCash’ whereas, Sweden is exploring Bitcoin more.