The central government is considering a proposal to introduce its own cryptocurrency similar to Bitcoin, according to a report in the Business Standard.

The idea to set up a blockchain for financial use was found employed by a committee of government officials who discussed the suggestion.

According to the report, the government might mention the cryptocurrency “Lakshmi”.

Vaibhav Parikh, Partner, Nishith Desai Associates, told the paper, “I won’t be surprised if the government comes up with its own cryptocurrency because banks are trying blockchain as a technology and also to earn blockchain work it might need some cryptocurrency. Since it doesn’t hope Bitcoin it may come up with their own currency.”

He had also hinted in a demand for India to have its own cryptocurrency.

China, Russia and Estonia are also considering having their very own cryptocurrencies.

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