India’s space tourism industry is trying to catch up with the booming Bitcoin market, as a virtual currency called SpaceBit launches in the country.
According to CoinDesk, the company’s launch is planned for November.
The company claims that it has secured $5.3 million in venture capital funding from an unnamed investor and is hoping to begin shipping its first batch of SpaceBit units in December.
SpaceBit is a virtual ride-sharing service that offers people the ability to rent their own space stations to travel between them.
It’s designed to take advantage of the growing popularity of virtual tours and can be used to pay for goods, like lodging and transportation.
SpaceBit CEO Ramesh Kumar said in a press release that he hopes to see SpaceBit launch its first units this month, and expects to eventually expand to other countries and regions.
In India, the space industry has been experiencing a boom as people take advantage to spend money on travel and tourism in the region.
According the press release, the initial SpaceBit order was to supply one million SpaceBit cards, but they have since increased to two million.
The cards can be sold for a total of $1,500 each, with the company also charging a $15 processing fee.
The first shipment of cards was expected to arrive this month.
In India, there is a strong focus on Bitcoin and digital currencies as a way to pay the bills and buy goods, said an official with the Reserve Bank of India (RBI), who wished to remain anonymous.
Bitcoin and other digital currencies are not regulated by the RBI.
“It is not uncommon for the central bank to have regulatory compliance departments, but in the case of cryptocurrencies and blockchain technology, there are very few.
The RBI is very much aware of the phenomenon and the technology behind the digital currency,” the official said.
The official noted that the RBI is considering whether to launch a similar service to allow people to purchase goods and services with digital currencies, or allow the government to regulate them.