well i have pondering on this concept for quite some time.
the main problem i faced in india , was that people dont have access to bitcoin and to purchase it is real difficult . Transfering money outside is next to impossible. the government makes it hard to citizens to send money abroad . but makes it so easy for the corrupt people to transfer their millions to swiss banks. i had my account frozen for trying to send money to mtgox. they thought i was laundering $100 out of the country took me 4 weeks and a shouting match with my bank manager to get my account working.
What we face is the low volume of bitcoins in india. Mining rig owners dont want to sell bitcoin in india in bulk, one of my friend ownes a sweet gpu mining rig and he sell it outside. I dont know if there are an others who are mining for profit.
so either the mining operation in india needs to increase , may be get some investment on ASIC/FPGA rigs or try to develop it our self. there are many good engineers in india who can do a swell job designing these boards.
The other option is to Have another cryptocurrency launched have it mined in india on a mojority basis and have the maximum number of coins in india use that coin to convert the INR to crypto currency , and from there to either use this as a base line crypto currency in india, or use it as a trading currency for bitsoins.
Once an INR value is transferred to the alternative crypto currency , the same value can be used in a transaction for bitcoin. just like bitcoin to litecoin.
What i propose it the second option . create a Fork of the new Feathercoine, have the genessis block also mined in india and set the number of coins to about 4X of the number of litecoins. let the mining be done mainly in india at first and let market forces take over after that .
We need a fork of Feathercoin which is a fork of litecoin.
we need miners in india, alot of them
we need a mining pool . (Which should be easy to setup)
We need a exchange (which should not be a problem as it can accept inr payment of bank transfer online payments and cheque payments. )
Give it 6 months to mature to a stable currency.
PS the Chinese have their own coin now. CHNCoin .
http://chncoin.org/ And by the way a name can come later. lets discuss concepts first.