Reliance Jio to develop its own cryptocurrency

Reliance Jio to develop its own cryptocurrency

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.

"The company plans to hire 50 young professionals with the average age of 25 years for Akash Ambani to lead", Mint quoted a person familiar with the development at Reliance Jio as saying.

The most popular application of blockchain technology has been cryptocurrencies, and Reliance Jio plans to create its own version called JioCoin, the daily said.

Block Chain is an Digital Currency or the Ledger For Strong Data that Including but Not Limited to Financial Transactions, The block Chain Decentralizes the Information that without Being Copied. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.

The company also plans to use blockchain technology in Internet of Technology (IOT).

In recent times Reliance Jio has revolutionised Indian telecom space with affordable pricing, often at the cost of displeasure from rivals, gaining over 14.5% of market share with a user based close 140 million. Out of those options, one application is cryptocurrency. Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too.

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.

Altogether, the Indian government has advised against digital forms of money, expressing that virtual monetary standards were not upheld by resources and acted dangers such like illegal tax avoidance. Finance Minister Arun Jaitley on January 2 told the Rajya Sabha that the government was still studying the issue. After facing several ups and downs, the Bitcoin has become most usable cryptocurrency in 2017.

"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 price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation resulting in spurt and volatility in their prices.

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