Reliance Jio to develop its own cryptocurrency

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Blockchain experts and cryptocurrency enthusiasts across India are excited and instilled with a new hope, because Reliance Industries, India's largest corporate and business conglomerate plans to launch their own cryptocurrency called JioCoin.

The source further said that Reliance Industries chairman, Mukesh Ambani's elder son Akash Ambani will be leading the project.

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

Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio. We can deploy smart contracts. Reliance Jio also wants to use this technology in supply chain management. The team would work hard to carve out various uses of blockchain technology.

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"Jio's Own Cryptocurrency JioCoin May Be Launched Soon - 3 Reasons Why It's Important!", 5 out of 5 based on 3 ratings. There were reports that people who couldn't convert their money use this channel to launder their illegal money and it could have been one of the reasons for sudden rise in the value of bitcoins.

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. 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. The Indian government's policy think tank, Niti Aayog, is also looking into employing blockchain technology in education, health and agriculture.

According to a survey carried out by the Income Tax department, there are six lakh active cryptocurrency traders in India. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender. After facing several ups and downs, the Bitcoin has become most usable cryptocurrency in 2017. It claimed that the recent price surge of cryptocurrencies such as bitcoin is being driven only by speculation and underscored the risk of an investment bubble.

All major banks have pledged to use blockchain for streamlining their operations; Insurance firms have joined forces to use blockchain and even Govt.is using it for e-Governance.

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