Originally launched in 2012, Laxmicoin has been stuck in the legal quagmire entrapping several non-fiat currencies around the world. A fiat currency is any currency that has no intrinsic physical value, but whose value is established by government decree. For example, most national currencies around the world, including the Rupee and the Dollar, are fiat currencies as their values are dictated by the government.
Non-fiat currencies such as the Gold Standard have more or less been effectively phased out, as they require adequate physical stockpiles to maintain their value. However, the new breed of digital cryptocurrencies such as Bitcoin blur the boundaries between fiat and non-fiat – they don’t have any physical value as such, but are also not government-controlled. This has created uncertainties about their role in the modern financial system.
What is Laxmicoin?
Laxmicoin(https://www.laxmicoin.com/) is a computerized cryptographic money made by Raj Dangi and Silicon Valley-based Mitts Daki.According to the authors, Laxmicoin is relied upon to have an aggregate coin supply of 30 million that will utilize blockchain innovation to work like Bitcoin. In any case, the 2014 activities by the RBI against Indian bitcoin trades constrained the authors to put off the dispatch. While numerous bitcoin trades have continued administration, Laxmicoin's authors have been unyielding about postponing their dispatch until the point that they get unequivocal endorsement and assent from the RBI.
A council of authorities from the Securities and Exchange Board of India (SEBI), the RBI, the Central Board of Excise and Customs (CBEC), the Income Tax Department, and the Financial Intelligence Unit has apparently recognized the capability of utilizing blockchain innovation in the nation's banks and monetary organizations. Since blockchain requires a cryptographic money to work, and the administration needs confide in non-fiat ones, for example, Bitcoin, the dispatch of an advanced contrasting option to the Indian Rupee might be on the cards.
The creators of Laxmicoin are hopeful of a positive outcome from the RBI’s and government’s deliberations. They have even set the date for an Initial Coin Offering (ICO) — similar to an IPO for any company on the stock market — on March 1, 2018. However the jury is still not out, and only the coming months will reveal the fate of Laxmicoin.
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