After struggling to accept Bitcoin, India may now create its own cryptocurrency.

At one time, according to the RBI, (Reserve Bank of India) the country refused to recognize digital currencies. At least, that was the view of India’s Central Bank before the Supreme Court.

In fact, since July, the country barred banks from any business association with cryptocurrency exchanges and traders. This included maintaining reserve funds bank accounts.


Now, though, the government may be looking at the creation of a state-sponsored coin.

India’s 180 on Cryptocurrency

“We are evaluating the government-backed cryptocurrency and crypto-token,” a senior government official says, as quoted by Quartz. “And we are looking to develop and encourage our own research and development of blockchain technology.”

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