Reliance Jio Is Planning To Launch It's Own Cryptocurrency JioCoin

Reliance Jio Is Planning To Launch It's Own Cryptocurrency JioCoin

He also told that Reliance Jio wants to enter into the Internet of Things (IoT). According to an unnamed source, the new cryptocurrecny would be called "JioCoin" and the project would be led by Reliance Industries Chairman Mukesh Ambani's elder son, Akash Ambani.

Turning its focus toward cryptocurrency, Reliance Jio backed by the richest man in India, Mukesh Ambani may be looking to launch its very own - JioCoin. There are multiple applications of blockchain (for the company). Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics, the report said.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. "The team would work on various blockchain products", sources say. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

The most popular application of technology has been cryptocurrency. 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. The information is held on blockchain through a shared database which can be accessed on a real-time basis.

The company could deploy smart contracts and use it in supply chain management logistics.

A survey conducted by the Income Tax Department has revealed that there are six lakh active traders of cryptocurrencies such as Bitcoin in nine digital currency exchanges across India, while 25 lakh people are registered to trade. The loyalty points paired with different Jio services could be eventually based on JioCoin.

Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves.

The report comes barely a fortnight after the Finance Ministry and the RBI clearly stated that the creation, trading or usage of virtual currencies as a medium for payment were not authorised by the central bank or monetary authority. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender.