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The coin known as Laxmicoin, was introduced back in 2012, and has been stuck in a bit of legal turmoil since its inception. This has led to the trapping of the coin along with other non-fiat currencies around the world. Most national currencies usually use a form of fiat currency that is backed by supposed wealth but the physical currency is not worth anything other than what the government sets it at.

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Non-fiat currencies such as the Gold Standard have been mostly phased out due to the fact that they are difficult to spend and accurately value. The newest form of non-fiat currency is known as cryptocurrency and it is taking over world financial markets. There is no physical value to these currencies since they are purely digital, but people are able to adequately ascribe value to them.

The RBI Executive Director Sudarshan Sen stated that the government is “uncomfortable with non-fiat currencies.” Further stating that bitcoin is particular is an example of why they are not interested in it. With this type of reasoning, the future of the coin known as Laxmicoin is uncertain if not vanished by this. Laxmicoin serves itself as a blockchain based currency founded in Silicon Valley which was expected to have a 30 million total coin supply.

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With all the legal turmoil, it seems difficult to imagine it going any further than the initial coin offering. The company was unable to put out an actual ICO given the government regulations on the currency. Most bitcoin services have been able to act within the country, but this one specifically is not based on the bitcoin blockchain. The hopes are high that this currency can get out of the legal rut it is in and be a legitimate currency.


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