We all have been reading and hearing about the cryptocurrencies like Bitcoin, Ethereum, Dash, Litecoin and various others. Among many digital currencies, Bitcoin is the most popular one, and people from all over the world are investing in Bitcoin through the exchanges necessary for it. Bitcoin is one such cryptocurrency, which has gained utmost importance in the world as well as in India now. But today our prime focus is not on this leading cryptocurrency. Instead, we are going to discuss the Laxmicoin, the first legal cryptocurrency of India.
Laxmicoin, The First Indian Legal Cryptocurrency
You may be a crypto enthusiast who loves getting all updates related to cryptocurrency. Though there are many cryptocurrencies, which are used by people all over the world. But mostly it is the Bitcoin, whom you can call a dominant cryptocurrency, grabs all the attention. The journey of cryptocurrencies success comes from the popularity of this latter coin, which was founded by Satoshi Nakamoto on 3rd January 2009. Initially, it faced many difficulties to get accepted in a big nation like India, but finally, it made it. Today, the concept of cryptocurrency has been loved by most trading companies and business groups. The inspiration paved the way to the development of Laxmi, the first Indian cryptocurrency, which is legal in India.
So let us delve into to know more about this Indian cryptocurrency. Indian cryptocurrency, Laxmicoin, was launched in the year 2012. It went through some tough phase where many non-fiat currencies got entrapped globally. Indian cryptocurrency, Laxmicoin, was launched in the year 2012. It went through some tough phase where many non-fiat currencies got entangled globally. You won’t find any real value in fiat currencies. But still, the government decree is known for its existence. Taking an example is the dollar and our Indian rupee. The values of these popular fiat currencies come under government rule.
If you daily follow live crypto news, then you might read a news update that stated government’s insecurity about the non-fiat currencies like Bitcoin. In that way, it brings uncertainty about the Laxmicoin, the first legal cryptocurrency of India, and a non-fiat currency. Every cryptocurrency has a founder behind its creation. Laxmicoin is also a unique discovery as a crypto coin by Raj Dangi. This Indian cryptocurrency was supposed to consist of 30 million supply of total coins. Akin to Bitcoin, it was expected to be used for functioning on the blockchain technology.
However, the launching of the Laxmicoin, the first legal cryptocurrency of India was postponed due to RBI stand against the Indian Bitcoin exchanges. Even though Bitcoin exchanges resumed services, the founders of Laxmicoin were stuck to their decision by halting the launch of Indian cryptocurrency. They were desperate to get approval from the RBI.
Challenges Faced By Laxmicoin
If you are a crypto enthusiast and is familiar with blockchain technical analysis today, then you will know about complications in this technology. The functioning of cryptocurrencies is a must for blockchain. But there is a lack of trust for cryptocurrencies like Bitcoin by the government. It might become possible to see Indian Rupee being put against a digital alternative.
If, however, the government makes an initiative to abide by the decision, then Laxmicoin can come under the RBI’s supervision. The new Indian cryptocurrency may also face through amendments in Currency Act. This would make Laxmicoin falling under the regulation of government. It is not sure whether it will remain to be a cryptocurrency, which is free from control but is regulated inherently.
Comentários