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Cryptocurrency JioCoin Planned By Indian Telecom Giant
13 January 2018, 02:48 | Lucia Cruz
Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin
The company also aspires to get into the Internet of Things to make home automation more popular in India, as per the source. 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.
The company also plans to develop blockchain applications such as smart contracts and supply chain management logistics.
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.
Blockchain technology is a digital ledger that records transactions across a network of computers. "The team would work on various blockchain products", a person familiar with the development told Hindustan Times on condition of anonymity.
"One application is cryptocurrency", the source said. Blockchain decentralizes information without copying. We can deploy smart contracts. The Information that is Held on the Block-Chain that through an Shared Database which Can be Accessed on a Real-time Basis. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on. Along with this, loyalty points can also be fully based on JioCoin.
A lot of questions remain on Jio's intentions with the JioCoin as the Indian government is yet to provide clarity on the status of virtual currencies in India.
Finance Ministry Arun Jaitley underlined that the virtual currencies including Bitcoin don't have any intrinsic value and are not backed by any kind of assets.
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.
Significantly, Union finance minister Arun Jaitley recently stated in Rajya Sabha that Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk. 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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