India’s Government is ‘Evaluating’ a State Cryptocurrency: Report

A panel under India’s finance ministry tasked to propose regulations for cryptocurrencies like bitcoin is reportedly set to recommend a state cryptocurrency backed by the government, instead.

Citing a senior official aware of discussions within the inter-governmental panel, Quartz is reporting that the group is set to suggest the development of a state crypto token on a blockchain developed by the government.

“We are evaluating the government-backed cryptocurrency and crypto-token,” Quartz cites the ‘senior government official’ as stating. The panel will also recommend the government to conduct its own research and development of the blockchain, the official added.

A Central Bank Digital Currency

The development comes at a time when the central bank has admitted to exploring a central bank-issued digital currency.

While reports of an internal unit at the central bank dedicated to cryptocurrency and blockchain research have been refuted by the Reserve Bank of India…