Reliance Jio may come up with its own cryptocurrency called Jiocoin


Chennai: Mukesh Ambani's Reliance Jio Infocomm Ltd is planning to venture into the cryptocurrency market by launching its own JioCoin, said a media report.

The Reliance Industries is Going to Hire 50 young Professionals For this JioCoin Project that with an average age of 25 Years for the Akash Ambani to Lead this Project. The team would work on various blockchain products.

"One application is cryptocurrency", the source said.

The company could deploy smart contracts and use it in supply chain management logistics. It can also be used for supply chain management.

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The company also aspires to get into the Internet of Things to make home automation more popular in India, as per the source. Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too.

While the project may sound ambitious for Reliance Jio, the bitcoin and its usage is being questioned everywhere in the world; Indian government has even warned people of using it at their own risk.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. In simple terms, blockchain decentralizes information without it being copied. As it stores the information on a cloud and not on physical servers, it can be shared and accessed in real time.

Mukesh Ambani's elder son Akash Ambani is leading the new project of Reliance Jio, the launch of JioCoin.

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A lot of questions remain on Jio's intentions with the JioCoin as the Indian government is yet to provide clarity on the status of virtual currencies in India.

Altogether, the Indian government has advised against digital forms of money, expressing that virtual monetary standards were not upheld by resources and acted dangers such like illegal tax avoidance.

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. 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.

"A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken", Jaitley said while speaking in the upper house.

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