Bitcoin impact: Laxmicoin seeks regulatory clarity for launch

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Laxmicoin, modelled as an Indian version of virtual currency Bitcoin, has sought clarifications from regulatory authorities before its launch that has already been delayed.

There are already close to 70 virtual currencies available across the world with total market valuation of about $15 billion (about Rs 90,000 crore), out of which Bitcoin is the biggest, valued close to $10 billion.

The promoters of Laxmicoin, whose name is inspired by the Hindu goddess of wealth, Lakshmi, have been preparing to launch it as India’s first virtual currency for many weeks.

However, RBI’s warning against use of Bitcoin and action initiated by Enforcement Directorate and Income Tax Department, among other authorities, against some bitcoin operators in India seems to have come in the way of Laxmicoin’s launch, industry players said.

Read the full article in The Hindu here.

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