KOLKATA: Amid demonetisation and the central government's push for digital economy, Dubai-based Yocoin Exchange on Tuesday launched a digital wallet brand "CoinPay", which could be used to exchange currencies.

"The world today needs digital currency. This is the first digital wallet with digital currency and digital exchange facility launched from eastern India. This technology can help the community participate in commerce," said Exchange's Global Business Advisor John Barksdale.

"Our technology will enable people to exchange national currencies like Indian Rupee, Pound and US Dollar, and people can buy crypto-currency such as Bitcoins, Ethereum," he added.

Crypto-currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

"This is a new business model that we are putting out to the people of India after the demonetisation move. The wallet is in sync with that digital dream," said Biman Das, the Vice President of Croypto Yocoin India.

Launching the website of digital wallet, bollywood actress Radhika Apte said, "I think we have all felt the consequences of demonetisation and good to have an access to digital currency that gives us some independence in dealing with our own money.

The exchange claimed that it is the first of its kind digital wallet launched from eastern India, which deals with "decentralised, peer-to-peer digital currency".

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