JioCoin: Reliance Jio Planning To Launch Its Own Cryptocurrency

Andrew Cummings
January 13, 2018

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 plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead".

A source familiar with the matter told that Reliance has multiple applications of blockchain and the team will work on different projects. While blockchain technology has many aspects, cryptocurrency is one of its most popular applications.

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", said the same person quoted to the publication. The unidentified official said the team will build the blockchain technology for JioCoin.

While the project may sound ambitious for Reliance Jio, the bitcoin and its usage is being questioned everywhere in the world; Indian government has even warned people of using it at their own risk.

Launching its own cryptocurrency JioCoin is being seen as another attempt to bolster the JioMoney business of the Jio ecosystem, while also enhancing users' consumability on Jio offerings.

IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. Specialists have additionally brought up that blockchain could conceivably deliver security dangers to IoT as it gives a shield against information altering by naming each square of information.

The recent surge in prices of various cryptocurrencies has made a lot of Indian individuals interested in investing in the trading, however, the government has been skeptical about allowing a legal route to trade.

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.

"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 according to the government, cryptocurrencies are not legal tender.

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