Laxmicoin seeks regulatory clarity

Laxmicoin 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, out of which Bitcoin is the biggest with close to $10 billion value. The promoters of Laxmicoin have been preparing to launch it as India's first virtual currency.

However, RBI's warning against use of bitcoin and action initiated by Enforcement Directorate and I-T department against some bitcoin operators in India has come into the way of Laxmicoin launch.

Laxmicoin's Twitter posts says its launch has been delayed due to "regulatory clarifications" and they hope to get clear guidelines from government soon.

They have also written to authorities and are waiting for their reply to avoid "problems". Another post said that they are "making good progress" and were in advanced talks with investors, while the launch would happen afer RBI's response.

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