Reliance Jio planning to launch its own cryptocurrency called JioCoin

Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

Reliance Jio To Create Own Cyptocurrency 'JioCoin'? Report Says Akash Ambani To Lead The Project

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.

After giving telecom sector impressive offers and tariff rates, Reliance Jio is now planning to launch its own cryptocurrency, JioCoin.

The team of 50 young professionals in the JioCoin project will work on blockchain technology, which is a digital and decentralized ledger that records all transactions.

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"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.

The company also plans to develop blockchain applications such as smart contracts and supply chain management logistics. The Information that is Held on the Block-Chain that through an Shared Database which Can be Accessed on a Real-time Basis. This data is stored on the cloud instead of storing on physical servers.

"One (application) is cryptocurrency".

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The move should generate employment and give Indian consumers access to several worldwide brands. Earlier also 100 per cent FDI was allowed in the segment, but it required government approval.

With Jio 4G network available across the country and over 160 Mn user base, the company is also experimenting with IoT and AI to determine how these technologies can help boost the entire Reliance offerings. The person, however, said all of this was "in proposal stage".

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.

Millions of people started investing in cryptocurrency and making money in it. However, the legal status of cryptocurrency has not had a clear vision in India as the RBI and Finance Minister Arun Jaitley had issued warnings against the cryptocurrency use.

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Recently it was reported that many Indian Bitcoin exchanges have been facing difficulties with INR withdrawals as Indian banks had been blocking payments and withdrawals by bitcoin exchanges. The ministry added that cryptocurrencies don't have any intrinsic value and they are not legal tender in India. 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.

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