Reliance Jio planning its own cryptocurrency called JioCoin

Reliance Jio planning its own cryptocurrency called JioCoin

"The team would work on various blockchain products", a person familiar with the development said anonymously to Hindustan Times. However, Reliance Jio did not give any response on this issue.

India's richest man Mukesh Ambani has set his eyes on blockchain technology and cryptocurrencies.

After giving telecom sector impressive offers and tariff rates, Reliance Jio is now planning to launch its own cryptocurrency, JioCoin.

While the Owner of Reliance Industries Mukesh Ambani's Elder Son Akash Ambani is going to Take Responsibilities of the JioCoin Project Reliance Jio Plans to build a 50-Member Team of Young Professionals to Work For this JioCoin Project or on the Block-Chain Technology, which Can also Used to Develop the applications as Such as Smart Contracts and Supply Chain management Logistics Soon in India. At the same time, Reliance Jio is also planning to make JioCoin its own version. We can deploy smart contracts.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. Blockchain decentralizes information without copying. The information held on blockchain can be accessed on a real-time basis. It can also be used for supply chain management. The loyalty points paired with different Jio services could be eventually based on JioCoin.

In the wake of the significant spurt in the valuation of many virtual currencies, Reserve Bank of India (RBI) warned public that it has not given any licence to anyone to operate such virtual currencies.

The Indian government cautioned against cryptocurrencies, saying that virtual currencies were not backed by assets and posed risks such as money laundering.

Earlier this month, Union Finance Minister Arun Jaitley said in Rajya Sabha that the government was still studying the issue but clearly stated that it does not consider cryptocurrencies to be legal tender.

There is real risk of investment bubble of the type in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard earned money. On Thursday, Bitcoin dropped as much as 12% to $12,801, its most reduced since Christmas day, as South Korea's equity serve repeated his proposition to boycott nearby digital currency trades, Bloomberg revealed.