JioCoin, Reliance Jio's cryptocurrency to be launched soon

  • JioCoin, Reliance Jio's cryptocurrency to be launched soon

JioCoin, Reliance Jio's cryptocurrency to be launched soon

Livemint quotes a person familiar with the development saying, "The company plans to hire 50 young professionals with an 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 say. 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.

While the technology has mostly been used for cryptocurrencies so far, Reliance Jio plans to use it for supply chain management logistics, the official told Mint, adding that the whole project is "in the proposal stage".

Reliance Jio is hoping to use the work by the new team to get into the IoT (Internet of Things) space.

The virtual currencies which are being encrypted are built on the Blockchain technology, that decentralises information without it being copied.

Blockchain is a digital ledger for storing data including, but not limited to, financial transactions. This information is shared on the blockchain through the database, which can be accessed on real-time basis. Following this, Reliance Jio is planning to invest in this sector. 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. There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money.

In the wake of the significant spurt in the valuation of many virtual currencies, Reserve Bank of India (RBI) warned public that it has not given any licence to anyone to operate such virtual currencies. 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.

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.