Indian government is evaluating the probability of issuing a state-backed cryptocurrency sources have informed local news outlet Quartz India on Wednesday Oct. 10.An unnamed senior reputable has instructed Quartz that the government has mounted a panel with a purpose to speak about questions involving cryptocurrencies and blockchain. Whilst consistent with Quartz s source the federal government is looking to inspire blockchain reports the launch of a state-backed cryptocurrency is best an choice to be viewed.The source has also said that the panel will discuss new amendments to the existing draft bill on cryptocurrencies. One of the vital proposals is reportedly to make any possession of cryptocurrency without the federal government s approval a punishable crime.The panel was created in December 2017 with the aid of India s Ministry of Finance to speak about crypto laws in the nation Quartz notes. It is expected to reward its record by the top of 2018.The Reserve financial institution of India (RBI) first announced its ban on delivering banking services to any cryptocurrency users in early April. Inside a day RBI revealed that it was exploring approaches to trouble its possess digital currency. Despite the government s interest in launching its possess crypto the ban did come into energy July 6.The Supreme court of India has acquired a number of petitions against the RBI s resolution the last of that have been set to be examined in late September.Venezuela was once the primary country on the planet to launch a state-backed cryptocurrency. Petro a digital asset that is reportedly backed through oil gold iron and diamonds used to be first introduced via the nation s president Nicolas Maduro on Dec. 4 2017.Nevertheless a recent report by Reuters claimed that there is not any signal of Petro s existence in Venezuela whilst a U.S. Culture magazine Wired has called the Venezuelan cryptocurrency "a stunt."Iran and China are additionally given that creating their possess state-backed digital currencies. Iranian Minister of know-how and Communications technological know-how awarded the thought in February declaring that the country s ban on crypto dealings would now not follow to the federal government-issued coin. In the meantime an expert from China s valuable financial institution has lately advised the nation s executive to don't forget launching its own steady cryptocurrency (stablecoin).