JioCoin – Reliance Jio to launch its own cryptocurrency

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JioCoin – Reliance Jio to launch its own cryptocurrency

Reliance Jio has already gathered many followers by offering unbelievably free offers and super-competitive tariffs. This time, it is planning to launch its own cryptocurrency, named JioCoin.

About JioCoin

By launching Jio with super discounted plans, Ambanis have already created a mark in the telecom sector. This time, Mukesh Ambani and team is planning to make blockchain technology, a part of Jio’s journey. In order to develop advanced tech-based applications such as managing supply chain logistics, Jio is developing its own cryptocurrency, JioCoin.

Akash Ambani, the elder son of Mukesh Ambani will head the project with a team of 50 members. The team members will be of an average age of 25 years and will be working on blockchain technology.

“The company plans to hire 50 young professionals with an average age of 25 years for Akash 
Ambani to lead. There are multiple applications of blockchain (for the company). The team 
would work on various blockchain products,” – reported to Livemint by anonymous.

Reliance Jio’s plan

Although Reliance Jio hasn’t officially disclosed the details concerning JioCoin, which indicates that it is still in its nascent stage. It has also been suggested that in near future, JioCoin would provide users with loyalty points in the form of cryptocurrency. The telecom company also expressed interest in the Internet of Things (IoT). It further expects decentralized blockchain ledger system to find a place in their system.

Government’s stand

Concerning the possible misuse of the virtual currency, the government has already been cautious about the same. Previously, RBI had warned the investors and the traders and declared that it has not given any authorization to anyone for dealing in cryptocurrency. Finance Minister Arun Jaitley believes Bitcoin isn’t a legal tender in India.  Therefore, it is clear that neither the Government nor the RBI licensed/authorized trading in any cryptocurrency.

“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.

Despite the repeated cautions to the holders, traders and users of cryptocurrencies by RBI and Government, Reliance Jio seems to be set to move ahead with IoT, Artificial intelligence, and the blockchain technology.

However, crypto enthusiasts see this as an opportunity, to measure the success of Bitcoin while others believe that this is the initiation of Bitcoin’s long journey.

“This is just the beginning. We might see each and every company to have their own 
cryptocurrency, and this is where the actual success of Bitcoin lies.”
- Sanjay Mehta, an Angel investor.

 

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