According to a recent news report by local news source ’Quartz,’ ananonymoussenior official has told Quartz thatthe govt.of India hascreateda panelwhich willdiscussqueries concerningcryptocurrencies and blockchain. In line with Quartz’ssource,the Govt. of Indiaislooking forwardto encourage the blockchain studies, the launch of a state-backed digital currencyis however merely a option ofchoice tobethought-about.
Adding further the anonymous sourcetoldthat the panelwoulddiscuss new amendments tothe presentdraft bill on cryptocurrencies.One amongstthe proposals is reportedlyto formany possession of cryptocurrencywithoutthe government’s approval, a punishable crime.
The panel was created in back in the month ofDec2017 by India’s Ministry of Financeto examine the existingcryptolawswithin the country, Quartz added. However, It’sexpected that this report is revealed byend of this year.
RBI [Reserve Bank Of India]primarilydeclaredits ban on providing banking services to any cryptocurrency users in earlyApril following this year.Justwithin a day, the Reserve Bank Of India also revealed its plans thatit had beenexploring new waysto 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 receivedmanypetitions against this RBI’scall, the last ofthatwere set to be examined later in this year.
The primarycountrywithin theworld to launch a state-backed cryptocurrency ‘Petro,’ was Venezuelathat’sreportedly backed by oil, gold, iron and diamonds, was1stdeclaredby the country’s president Nicolas Maduro on Dec. 4, 2017.
However, a recent report by Reuters claimed thatthere’sno sign of Petro’s existence in the country, while a U.S. culture magazine Wired hasreferred to the Venezuelan cryptocurrency callingit “a stunt.”
Along with Venezuela, other nations including Iran and China are alsoconsideringlaunchingtheir own state-backed crypto currencies. Iranian Ministerof Info andCommunicationconferredthis thoughtinthe month of Feb. this year stating that the country’s ban on crypto dealingswouldn’tapply to the government-issued coin. Meanwhile,aprofessionalfrom China’scentral bankhas recently urged the country’s govt.to think aboutlaunching its own stable cryptocurrency ‘stablecoin’.