Bitcoin craze? Reliance Jio launching cryptocurrency: JioCoin
Indians are still wondering whether bitcoin is a legal in India or not, after Finance Minister Arun Jaitley’s announcement in the Parliament that cryptocurrencies are not a legal tender in India. It seems that one of the top Indian business magnate Mukesh Ambani led Reliance Jio will be launching its own cryptocurrency in the digital currency market.
Latest news on JioCoin Launch!
Based on a report by Mint, Reliance is planning to launch its own virtual currency named JioCoin backed by the blockchain technology. Reliance plans to hire 50
young professionals to build their blockchain. Blockchain works on the principle of decentralized digital ledger where all transactions are recorded publicly and sequentially. The developed blockchain will be used for various applications of blockchain.
How Reliance Jio could use the JioCoin?
Though JioCoin is still in its early stages, Reliance Jio may be using their
cryptocurrency in supply chain management logistics. Loyalty points could altogether
be based on JioCoin. The new venture will be headed by Mukesh Ambani’s son
Akash Ambani.
Finance
ministry and RBI earlier clearly stated that the creation, usage or trading of
cryptocurrencies as a mode of payment is not authorized by the central bank or
monetary authority. Arun Jaitely mentioned that virtual currencies do not have
any intrinsic value and are not supported by any kind of assets.
Mukesh
Ambani’s move to develop JioCoin is clearly contradicting the statements of Finance
ministry and RBI. This move from Reliance Jio shall attract the Indian investors
who are in a dilemma whether to start trading in virtual currencies. How
Finance Ministry of India is going to tackle this initiative from Reliance Jio remains
an open question for now.