When the whole world is busy with Bitcoins and other foreign cryptocurrencies, India found its own, and that’s too long before cryptocurrencies were cool. It seems that India might soon have its very own cryptocurrency, dubbed the Laxmicoin.
Launched in the year 2012, Laxmicoin has been fighting the good fight of legal quagmire being trapped among several non-fiat currencies across the world. A paper currency is any currency that has no physical value, but government decree establishes its value. Similarly, maximum national currencies around the world, including the Rupee and the Dollar, are paper currencies as the government dictates their values.
Non-paper currencies such as the Gold Standard have more or less efficiently been phased out, as they require enough physical stockpiles to maintain their worth. However, the new category of digital cryptocurrencies such as Bitcoin makes the boundaries hazy between fiat and non-fiat currencies as they don’t have any intrinsic value as such but are not government-controlled either. It has created a severe confusion about their role in the modern financial system. Lately, Sudharshan Sen, RBI Executive Director said that the centre is “very uncomfortable with non-paper currencies”, stating Bitcoin as a particular example. In such a case, the future of Laxmicoin, India’s very own “non-fiat” cryptocurrency remains still in the dark.
Created and developed by Raj Dangi and Silicon Valley-based Mitts Daki created Laxmicoin, a digital cryptocurrency. According to the founders, Laxmicoin is believed to have a total coin supply of more than 30 million that will use blockchain technology just like Bitcoin does. However, the 2014 actions by the RBI against Indian bitcoin exchanges forced the founders to postpone the launch. While many bitcoin exchanges have resumed service, Laxmicoin’s founders have been adamant about putting off their start until they get explicit approval and consent from the RBI.