Published: Sat, January 13, 2018
Money | By Armando Alvarado

Reliance Jio planning its own cryptocurrency called JioCoin

Reliance Jio planning its own cryptocurrency called JioCoin

If the reports are to be believed, then the venture led by India's richest man is looking to launch its own cryptocurrency with the name JioCoin.

After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin.

Mukesh Ambani's elder son Akash Ambani will be leading the project that will be managed by a 50-member team of young professionals to work on blockchain technology.

"The company plans to hire 50 young professionals with the average age of 25 years for Akash Ambani to lead", Mint quoted a person familiar with the development at Reliance Jio as saying.

A blockchain is a digitised, decentralised, public ledger of all cryptocurrency transactions. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This data is stored on the cloud instead of storing on physical servers. It is the most popular application of the technology that will be used as a cryptocurrency. It can be used in supply chain management logistics. 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.

Reliance Jio Infocomm Limited is a wholly owned subsidiary of Reliance Industries headquartered in Navi Mumbai. "Loyalty points could altogether be based on JioCoin", the source told the business daily.

Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin
Mukesh Ambani plans to launch his own cryptocurrency, JioCoin

IoT is a system of gadgets, such as, Smartphones, wearable gadgets, home machines and vehicles, associated with the web, which empowers these articles to interface and trade information.

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.

Union Finance Minister Arun Jaitley recently said that the government was awaiting an expert committee's report before it sets up regulations on the use of cryptocurrencies.

Meanwhile, India government is cracking down on cryptocurrencies, as Income Tax (I-T) Department in December conducted survey operations at major Bitcoin exchanges across the country.

Governments all over the world are keeping a close eye on these cryptocurrencies after their prices rose rapidly.

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