Indian executive is evaluating the probability of issuing a state-backed cryptocurrency sources have told regional news outlet Quartz India on Wednesday Oct. 10.An unnamed senior official has instructed Quartz that the government has mounted a panel in order to talk about questions involving cryptocurrencies and blockchain. At the same time consistent with Quartz s supply the government is looking to inspire blockchain stories the launch of a state-backed cryptocurrency is most effective an option to be regarded.The source has additionally mentioned that the panel will discuss new amendments to the prevailing draft bill on cryptocurrencies. Probably the most proposals is reportedly to make any possession of cryptocurrency with out the federal government s approval a punishable crime.The panel was once created in December 2017 with the aid of India s Ministry of Finance to speak about crypto rules within the nation Quartz notes. It's expected to gift its report through the end of 2018.The Reserve bank of India (RBI) first introduced its ban on supplying banking services to any cryptocurrency users in early April. Inside a day RBI revealed that it used to be exploring ways to problem its own digital forex. Regardless of the government s interest in launching its possess crypto the ban did come into vigor July 6.The Supreme courtroom of India has bought a couple of petitions against the RBI s decision the last of which have been set to be examined in late September.Venezuela was the primary country on this planet to launch a state-backed cryptocurrency. Petro a digital asset that is reportedly backed via oil gold iron and diamonds was once first announced by using the nation s president Nicolas Maduro on Dec. 4 2017.Nonetheless a recent record through Reuters claimed that there is no sign of Petro s existence in Venezuela whilst a U.S. Tradition journal Wired has called the Venezuelan cryptocurrency "a stunt."Iran and China are additionally in view that developing their own state-backed digital currencies. Iranian Minister of expertise and Communications science offered the proposal in February declaring that the country s ban on crypto dealings would now not follow to the federal government-issued coin. Meanwhile an informed from China s central financial institution has lately advised the nation s govt to take into account launching its own steady cryptocurrency (stablecoin).