The country hose the name Lakshmi so that millions of Indians will feel comfortable, familiar and secure. Lakshmi is the Indian goddess of wealth and prosperity.
Even though the Bitcoin is quite popular around the globe, India has never thought of investing on it due to their lack of trust. Many countries like China have legalised the usage of Bitcoin while Indian government is insecure about it, all the transactions of Bitcoin in India have to be only done through the grey market or deal with foreign-based exchanges.
Lakshmi Coin is fine, India may actually take at least five to ten years before it has its own cryptocurrency given its cumbersome bureaucracy. If India does decide to accept the panel recommendations, Laxmi, the new cryptocurrency will fall under the purview of Reserve Bank of India.