Digital Desk: With Finance Minister Nirmala Sitharaman's proposal to create India's own digital currency many people have expressed their enthusiasm and interest in the matter and have started naming the rupee with various creative names such as "Laxmicoin", "Digicoin" and many more.
Sitharaman introduced a 'digital rupee' in her budget address, which will be issued using blockchain and other technologies. The currency will be issued by the Reserve Bank of India beginning in the fiscal year 2022-23. Shiv Aroor, India Today journalist, used Twitter to crowdsource a name for India's impending digital currency, and the results were impressive.
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Rajeev Mantri, economist and the founder of Navam Capital, created a unique Indian version named 'Laxmicoin' as a tribute to Goddess Laxmi, the Hindu goddess of riches and success.
Another person challenged 'Laxmicoin' with the notion money 'DigiLaxmi' in the digital era.
Shashank Shekhar Jha, a Supreme Court lawyer, proposed a novel yet deeply entrenched alternative with 'Pae,' which stands for Rupee in Maithali.
Because of the government's prowess at naming policies with acronyms that are words in and of themselves, tweeple came up with some amusing alternatives, such as SICCA (Systemically integrated crypto-currency application) and PMDRY (Pradhan Mantri Digital Rupee Yojna).
People came up with names that suggested India was once referred to as 'Sone ki chidiya' (Golden sparrow) in order to acknowledge historical names of currencies associated with glorious Indian empires and revered Kings such as "Rupyakam" which means silvercoin or "Shivrai" the coin introduced during the reign of Shivaji Maharaj.
The news of the launch of a digital Indian currency has sparked a lot of interest among crypto aficionados.
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