India's central bank acknowledges Dogecoin as virtual currency

2013 has been a tumultuous year for virtual currencies, with ups, downs and everything in between. As the cryptocurrency Bitcoin hit the mainstream and became popular, new virtual currencies began springing up in its path, including one that's been taking the world by storm: Dogecoin. In case you didn't already know, Dogecoin is a semi-satirical currency based on the popular 'doge' or 'shibe' meme. It became popular earlier this month after it hit reddit and was reported on by BusinessInsider, but today seems to be a landmark: In a press release by India's central bank, the Reserve Bank of India, Dogecoins were acknowledged as a legitimate virtual currency - amongst the likes of competitors such as Bitcoin and Litecoin.

After a rollercoaster couple of months for largest virtual currency Bitcoin, in which the price fluctuated between $1000 and $200, many have sought more stable alternatives. Dogecoin, which is currently valued at around $0.0005881 USD, has been making headlines as one alternative; but the press release by the Reserve Bank of India may solidify its place as a legitimate competitor to the cryptocurrency giant. According to the release:

"The Reserve Bank has mentioned that it has been looking at the developments relating to certain electronic records claimed to be “Decentralised Digital Currency” or “Virtual Currency” (VCs), such as Bitcoins, Litecoins, bbqcoins, Dogecoins, etc...."

And Dogecoins don't seem to be slowing down any time soon: While there doesn't seem to be a shortage of bad news about Bitcoin, like the case of the UK man accidentally throwing away a hard drive containing $75 million worth of the currency, or the recent theft of a Bitcoin gift on live TV, Dogecoins are on the rise. While we don't know what the future may hold for the cryptocurrency, it can certainly be said that it can only go up from here.

Source: Reserve Bank of India | Image via Dogecoin.com

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