Will Modi government kill Bitcoin for Lakshmi, its own cryptocurrency?

Even thought Bitcoin, the king of cryptocurrencies has evoked mixed reaction from governments and central bankers across the world,
The Indian government seems to have made up its mind it may be planing to kill it with a law.
The tax department is considering a move to ban the currency, according to a report on ET Now. this will render all transactions and holding in Bitcoin and other cryptocurrencies ilegal.
The government thinks cryptocurrencies aid tax evasion and round tripping.
The government could soon brings law to ban cryptocurrencies, the report said, citing sources.
Finance minister “Arun Jeitley” had clearified in his Budget speech that crypto curriences were not legal tender and that the government would not recognise them.
A group under the chairmanship of Subhash Chandra Garg, Secretary, Department of economic affairs is in the last stages of deliberation, and is expected to come out with the governments approach on the entire spectrum of issues relateds to crypto curriencies.
However, Jaitley had announced that the government would adopt blockchain, the technology that supports crypto currencies.
The Reserve Bank of India (RBI) is already looking at the brave new would of crypto currency. The success of Bitcoin may have encouraged the central bank to consider its own crypto currency since it is not comfortable with this non-fiat currency.
A group of expert at RBI is examining the possobility of a fiat crypto currency which would become an alternative to the Indian rupee for digital transactions.
Last year, it was reported the government could launch its on cryptocurrency, Lakshmi.
RBI’s crypto currency could be apart creating its own blockchain, a distributed digital ledger and technology that support crypto currencies. State Bank Of India has taken the lead in bringing lendgers and tech companies toghther foe using Blockchain technology to
share information among banks which will eventully help prevent and tackle bad leans which are almost one-fifth of banks loan book.
The SBI’s initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commerical banks.
The government had started a crackdown on cryptocurrencies a few month ago,
suspecting tax evasion and of ponzi schemes through cryptocurriencies. The income tax
department had sent tax notices to 10 Thousand of people dealing in cryptocurriency.
The notices were sent after a survey assessed the penetration and patterns of virtual currency trade.

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