In 2015, former RBI governor Raghuram Ranjan had stated that digital currency was fascinating and that India's central bank could use digital currencies. He had said, "I have no doubt, that down the line, we will be moving towards primarily a cashless society and we'll have some kind of currencies like this which will be at work."
THAT WAS THE BIRTH OF INDICOIN
Same year RBI published a financial stability report on disruptions in financial technology. In the report, it identified the importance of private blockchain which has the potential to transform how bank back end operations function, as we as increasing the speed of payments.
As per a report published at Trak.in, In 2016, the country possessed around 50,000 bitcoin wallets and around 700-800 bitcoins were traded every day.
India accounts for 10% of global cryptocurrency trade in the month of May 2017. Trade volume in India accounted for 16,764.76 bitcoins.
India ranks 4th in the global Bitcoin cryptocurrency trade.
Indicoin was brought to life because of a collective conscious of our team. This included the responsibility of helping improve the world and community around us using means that were familiar to us. Seeing the blockchain as a landmark technology we decided to create a decentralised currency centred around social welfare and community improvement. Thus the inception of an idea to help create a better world coupled with our collective interests in the blockchain space made all of us excited about pursuing this opportunistic project. After a year and half of meticulous research and development INDICOIN 'our brain child' was born.
The INDICOIN Token (INDI) is developed to address the broken social sector. INDI, an ERC20 token built on top of Ethereum, will be the unit of exchange in a new, decentralised, open source and efficient blockchain-based digital advertising platform.