Led By Akash Ambani, Reliance To Create Own Cryptocurrency 'JioCoin'

Reliance Jio to develop its own cryptocurrency JioCoin Report

Mukesh Ambani led Jio Infocomm is planning to launch JioCoin to power its blockchain projects in the coming months.

If the report is anything to go by, Reliance Jio plans to build a 50-member team of young professionals, led by Mukesh Ambani's elder son Akash Ambani, to work on the complex blockchain technology under the JioCoin project to mine the cryptocurrency. "The team would work on various blockchain products", a person familiar with the development told the newspaper.

Cryptocurrency has boomed in very less time and Bitcoin is one of the fasted growing cryptocurrency and people are also investing in it for high profit but there are some flaws in it.

The company could deploy smart contracts and use it in supply chain management logistics.

Blockchain technology can also be used to develop applications like supply-chain management logistics. "Loyalty points could altogether be based on JioCoin", the person added. "Blockchain technology would come in handy there".

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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. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. The information is held on blockchain through a shared database which can be accessed on a real-time basis.

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. The ministry added that cryptocurrencies don't have any intrinsic value and they are not legal tender in India.

Recently the Union Government cautioned cryptocurrency or virtual currency (VC) investors and even addressed it as Ponzi Scheme.

"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 while speaking in the upper house.

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.