Indian government is “evaluating” the possibility of issuing a state-backed cryptocurrency, sources have told local news outlet Quartz India on Wednesday, Oct. 10.
An unnamed “senior official” has told Quartz that the government has set up a panel that will discuss questions regarding cryptocurrencies and blockchain. While, according to Quartz’s source, the government is looking to “encourage” blockchain studies, the launch of a state-backed cryptocurrency is only an option to be considered.
The source has also said that the panel will discuss new amendments to the existing draft bill on cryptocurrencies. One of the proposals is reportedly to make any possession of cryptocurrency without the government’s approval a punishable crime.
The panel was created in December 2017 by India’s Ministry of Finance to discuss crypto regulations in the country, Quartz notes. It is expected to present its report by the end of 2018.