JioCoin: Reliance Jio to launch its own cryptocurrency

JioCoin: Reliance Jio to launch its own cryptocurrency

A recent report states that Reliance Jio is planning to create its own cryptocurrency called JioCoin.

"The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead".

A source familiar with the matter told that Reliance has multiple applications of blockchain and the team will work on different projects.

"One (application) is cryptocurrency".

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The company could deploy smart contracts and use it in supply chain management logistics. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on. "Loyalty points could altogether be based on JioCoin", said one of the Jio employees to LiveMint.

"Reliance Jio also aspires to get into Internet of Things (IoT)". 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. Now Jio is planning to enter into cryptocurrency business and may launch it Jiocoin.

It is a digital ledger for storing data including, but not limited to, financial transactions. Firstly, the information shared on it can be accessed anywhere as the data is stored in a cloud.

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.

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"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.

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 lowest since Christmas day, as South Korea's justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.

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.

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