Report: Reliance Jio To Launch Its Own Cryptocurrency – JioCoin
The cryptocurrency craze has hit fever pitch as Indians are investing enthusiastically. In this bull-race that the Indian market is proving to be, one of the biggest names in country, Reliance Jio – is planning to start off with their own cryptocurrency – JioCoin. 2017 has seen cryptocurrencies platforms such as Bitcoin, Ripple and Ethereum gain prominence due to the steep rise in the value of crytocurrencies.
As per a report from Livemint, Reliance Jio is planning to build a 50-member team of young professionals to work in this JioCoin project. Also, this team will be working on blockchain technology which can also be used to develop other applications such as supply management logistics and smart contracts.
However, all of this is still in a proposal stage for now. Further details point at Reliance planning to move into the Internet of Things (IoT) space – where blockchain technology would be a major asset for the company.
“The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” sources were cited in the report.
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.
Cryptocurrencies are not a legal tender in the country and are not recognised as a medium of exchange, Arun Jaitley – Finance Minister of India had clarified in Lok Sabha. “Bitcoin does not have a legal tender in India. However, it has presence in both in the public domain and in the unorganised markets,” Jaitley said in a written reply to the Lok Sabha. Defining Bitcoin, Jaitley said it is a type of unregulated digital money that is issued and normally controlled by its developers and used and accepted among the members of the virtual community.