Reliance Jio to develop its own cryptocurrency

Reliance Jio to develop its own cryptocurrency

"The team would work on various blockchain products", sources say. However, Reliance Jio did not give any response on this issue.

Even as the Indian government has cautioned against Bitcoin, a report suggests that Mukesh Ambani's Reliance Jio Infocomm Ltd might create its own cyptocurrency ' JioCoin'.

On one hand, the investment in cryptocurrencies is coming under the radar of Indian government, India's largest corporate conglomerate is planning to launch its own cryptocurrency named JioCoin in the near future.

Mukesh Ambani's older son Akash Ambani will lead the JioCoin project, and a 50-member team of young professionals will work on the blockchain technology required for the currency, the report said.

For the uninitiated, blockchain is basically a digital ledger which can store data, usually on the cloud and is a closed chain and as the links keep getting built, those building the chains get rewarded with the digital coins that can be traded or en-cashed by the owner.

"One (application) is cryptocurrency".

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While the JioCoin plan is still in initial stage, the official did tell the business daily as to how Reliance Jio could use the new technology. In simple terms, blockchain decentralizes information without it being copied.

The company could deploy smart contracts and use it in supply chain management logistics. "Loyalty points could altogether be based on JioCoin", the person said, adding that it was now in the proposal stage. The information held on blockchain can be accessed on a real-time basis. IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data.

However, the Indian government and the Reserve Bank of India have warned users against virtual currencies.

"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, adding that according to the government, cryptocurrencies are not legal tender. Millions of people started investing in cryptocurrency and making money in it.

Cryptocurrencies are digital or virtual currencies that use cryptography to secure and verify transactions.

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