The Reserve Bank of India is considering a proposal to introduce India’s own cryptocurrency that will be similar to Bitcoin. The proposal was discussed by a committee of government officials.
The country is pretty forward thinking when it comes to technology – they are the first nation to offer an e-Residency program. The program is almost like a digital citizenship, and lets participants take advantage of a host of government services, including start a European Union-based company without actually setting foot in the country.
The government already is asking for feedback from the technology world, and Ethereum founder Vitalik Buterin is an advisor to the project.
The BRICS Finance Committee is discussing a joint virtual currency for the five nation bloc of developing economies, according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev. During the BRICS Summit in China, Dmitriev told journalists that Brazil, Russia, India, China and South Africa could develop its own alternative to other payment tools. He added that within BRICS cryptocurrencies could replace the US dollar and other currencies used in settlements among the member states.
