You probably want to at least try obfuscating your public key so that an attacker can't simply decompile your app and look for static strings.
The Android developer website has some thoughts on this:
Protect your Google Play public key
To keep your public key safe from malicious users and hackers, do not embed it in any code as a literal string. Instead, construct the string at runtime from pieces or use bit manipulation (for example, XOR with some other string) to hide the actual key. The key itself is not secret information, but you do not want to make it easy for a hacker or malicious user to replace the public key with another key.
http://developer.android.com/google/play/billing/billing_best_practices.html