Startup company R3, which is looking to help India create a digital currency based economy, is set to unveil its new digital currency in Mumbai on April 25, according to a press release.
R3 is the first major blockchain technology venture to come to India.
The company will unveil a digital platform for India’s economy, with the goal of creating a single digital currency that can be used to buy and sell goods and services.
The digital currency will be created through the blockchain, the world’s first publicly accessible, cryptographically secured digital ledger.
The currency will replace the existing national currency, the rupee, which has been used since 1994.
The R3 project is headed by CEO Raj Sarraf, who has worked with R3 co-founder and CEO Mark Karpeles for years.
He said the company is working to launch the currency as soon as possible.
The idea for the digital currency was conceived by Karpels team in 2014.
According to the press release, R3 is currently working with partners to develop the currency’s technical specifications, as well as an application that will allow businesses to buy digital currency.
The press release said the currency will help in “solving India’s complex cash, currency and exchange issues.”
The R-Series is one of the first blockchain-based currencies launched in India.
Its creators have already launched R-Pesa in the country, and they have plans to launch R-Ether in 2019.
The digital currency is being developed in partnership with the Reserve Bank of India and RBI, and is designed to offer low transaction fees and secure payments, making it ideal for businesses.