The online currency based on the famous internet meme “Shibe” or Doge has been recognized as an official currency by the Bank of India. It has also recognized similar online currencies such as Bitcoins and Litecoins as official currency.
Dogecoin started out as a joke but after getting a lot of media attention has grown to become one of the bigger virtual currencies and is determined to take on Bitcoin. Over 100 Billion Dogecoins have been mined since its launch in December 2013.
All though the coin based on the internet meme “Doge” is worth 100x less then Bitcoin ($600 = 1 bitcoin) while dogecoin ($0.00062 = 1 dogecoin) it is fueled by a huge community which are buying and trading dogecoins on a daily basis to keep the currency alive.
Source : Bank of India press release