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


"The team would work on various blockchain products", the report quoted a source as saying.

In picture: A man carries a cup of as he walks past a Reliance Jio Infocomm 4G mobile services logo in Mumbai on September 6, 2016. The person, however, said all of this was "in proposal stage". Right after the Disrupting the Telecome Sector that along with its Free Offers and Hyper-Competitive Tariffs Reliance Industries and the Reliance Jio Infocomm Limited to Create its Own Cryptocurrecy Names as 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. 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.

"One application is cryptocurrency", the source said.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data.

The company could deploy smart contracts and use it in supply chain management logistics. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.

He also told that Reliance Jio wants to enter into the Internet of Things (IoT). The information held on blockchain can be accessed on a real-time basis.

Altogether, the Indian government has advised against digital forms of money, expressing that virtual monetary standards were not upheld by resources and acted dangers such like illegal tax avoidance.

"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 the government does not consider cryptocurrencies to be legal tender. Back home, the finance ministry, Arun Jaitley and Reserve Bank of India (RBI) have warned bitcoin users on the risks such cryptocurrencies carry. Constantly growing as "completed" blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping.