Indian Government announced Lakshmi a new crypto-cum-fiat currency based on blockchain technology but is it any good?
Benefits of taking Fiat to Blockchain
I believe it is very import for most of the countries to take their fiat currency to blockchain technology, this would help in various ways such as:
- Reduction in duplicate or Fake Currency circulation
- Fight against corruption
- Highly cost effective and secure
- Making cross banks transaction in the country lightning fast
Lakshmi VS Bitcoin
Even though it will be based on blockchain but since it's a replica of a fiat currency, i don't see it taking over bitcoin or any other cryptocurrecies so far. The major fundamental behind bitcoin is a decentralized system which cannot be controlled by a single entity or government but people on the network should have all the rights.
With Lakshmi, we might get a secured fiat currency with the power of blockchain but it would still be controlled by indian government as it's technically INR in shape of bitcoin and i don't think governments will make it decentralized at all.
At the End more governments stepping into creating/launching/announcing their fiat currencies on blockchain is making Bitcoin more and more stronger, Giving straight signals to people that Bitcoin has a great potential and what a huge deal it is.
What do you guys think about this, please upvote if you like what i have mentioned and also let me know your thoughts on this topic in the comments below:
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I think a lot of goverments are looking in to this and are very interested but many are still hesitant. The do not yet really trust bitcoin and alt-coins so they are all sort of waiting to see what will happend. I think blockchain and bitcoin is the way to go in the future so it is very exciting to the acceptance from various governments.
excellent saying @metamorform i don't think any government can afford to ban bitcoin at anytime, as this would mean let other countries grow more faster than their own country GDP.
Also using Blockchain technology and neglecting bitcoin can never be an option as well, because technically they will be telling their citizens that bitcoin is far superior and we are afraid to accept it... :D
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@BunnyChum post has been uploaded by me before 5 days
https://steemit.com/bitcoin/@kushalshah/rbi-considering-to-introduce-its-own-cryptocurrency-similar-to-bitcoin-laxshmi
@kushalshah post had been uploaded by me 6 days ago.
https://steemit.com/cryptocurrency/@honeychum/india-joins-the-crypto-revolution-desi-coin-luxmi-in-focus
thankyou @HoneyChum for backing me up here big bro...
Thanks for the link bro, although you have also posted about Lakshmi but we have different aspect and view in our content... anyways nicely written :)
Thank u buddy for share your knowledge with us -
I think those coin which will explode, is steem and ripple.
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Well said. It will make bitcoin even stronger.
It will give exposure to wide audience in India about Bitcoin and Blockchain.
Anything that government controls will never be decentralized especially with the corrupt Indian government.
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Great post. Any government that we fuses to join the blockchain train, but chooses to want to control their currency will only regret it, cos when theyll want to join in the future or might have been too late.
thank you for appreciation @aborjin