Now, Reliance Jio is planning to launch own cryptocurrency ‘JioCoin’. However, the legal status of cryptocurrency has not had a clear vision in India as the RBI and Finance Minister Arun Jaitley had issued warnings against the cryptocurrency use. As per the reports, Arun Jaitley warned people for using cryptocurrencies such as Bitcoins and Ripple. Nowadays, the cryptocurrency (invisible currency) gets hyped in India. After facing several ups and downs, the Bitcoin has become most usable cryptocurrency in 2017. And after disrupting the telecom sector with the free offers and the competitive tariffs, now the Reliance Jio Infocomm Ltd company is planning to make its own cryptocurrency, JioCoin.
Mukesh Ambani’s elder son Akash Ambani is leading the new project of Reliance Jio, the launch of JioCoin. The company is planning to build JioCoin along with 50 team members of young professionals who will work on blockchain technology that will be used to develop applications such as smart contracts and supply management logistics. Reliance Jio plans to hire almost 50 young professionals. The young professional’s team will work on the development of JioCoin.
The blockchain product on which young professional will work is a digital ledger for storing data which also includes financial transactions. It is the most popular application of the technology that will be used as a cryptocurrency. This development of Reliance Jio becomes interesting as blockchain product. It has features of cryptocurrencies like bitcoins, ripple etc. In this product of Reliance Jio, all the banks will be asked to use blockchain for streamlining the operation. Also, the insurance firms and the government would use this product. The government will be using it for e-Governance. The Reliance Jio’s entry into the blockchain and the making of own cryptocurrency would enhance the new growth. Also, it will maintain the equilibrium in the market.