The Laxmicoin has set the date for its initial coin offering, or ICO, marking the possibility of India soon having its own cryptocurrency.
The creators of the coin have tentatively marked March 1st, 2018 as the date on which it will become available, but this is subject to state approval.
The coin, which was first launched in 2012, has had legal trouble over the past five years, with the Indian government reluctant to sanction the operation of any non-fiat currencies in the country.
What is Laxmicoin?
Laxmicoin was created by Silicon Valley entrepreneurs Raj Dangi and Mitts Daki and it operates in a similar way to other mainstream cryptocurrencies, such as Bitcoin and Ethereum, in that it makes use of blockchain technologies and has a total coin supply limit – in this case, only 30 million Laxmicoins will ever be produced.
Laxmicoin received plenty of coverage upon the announcement of its release five years ago, but in 2014 the Reserve Bank of India took action against Indian bitcoin exchanges, meaning Dangi and Daki had to postpone Laxmicoin’s launch.
While most of the bitcoin exchanges blocked by the RBI are now back in business, Laxmicoin’s founders are waiting on explicit government approval and consent before moving forward with their plans for the cryptocurrency.
They are hopeful that they will receive this, hence the announcement of the date of the ICO.
Should Laxmicoin receive this approval, cryptocurrencies could explode in India, simplifying payments in a country where many people don’t have access to credit or debit cards. The name of the coin comes from Laxmi, the Hindu goddess of wealth. The founders hope that it will help those in the country who are less technically savvy and they have also talked openly about how they want to donate a certain proportion of it to worthy causes.