RATE Group | India Making Plans to Launch Its Own Government Backed Cryptocurrency
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India Making Plans to Launch Its Own Government Backed Cryptocurrency

10 Oct India Making Plans to Launch Its Own Government Backed Cryptocurrency

Posted at 18:02h in Cryptocurrency News by

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Despite its best efforts to keep crypto out of India, it appears that the Indian government is still not willing to completely exclude cryptocurrencies. According to the new announcement, India is making plans to launch its own digital currency.

India Plans to Launch a Government-Backed Cryptocurrency

One senior government official from a board created by the country’s finance ministry admitted that there are plans for the creation of India’s own government-backed digital coin. The board was originally set up in December 2017, with a goal of recommending measures to be taken in order to properly direct digital currencies.

After conducting an investigation, the board was originally supposed to present its findings by July 2018. However, the deadline was later moved to the end of 2018, instead. While both, the Indian government and its central bank, attempted to diminish cryptocurrency exchanges, they still support the plan for the country to launch its own coin.

According to qz.com,…

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