Mukesh Ambani-led Reliance Jio is planning to create its own cryptocurrency called JioCoin, according to reports. Mukesh Ambani's elder son Akash is expected to lead the project, comprising a 50-member team of young professionals to work on blockchain technology for JioCoin. Jio will also use the technology for smart contracts and in supply chain management logistics.
“Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there,” the inner person said of Jio.
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue.
“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, adding that the government does not consider cryptocurrencies to be legal tender.
Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.
Well When it comes to Mukesh Ambani,he can do anything & People will be seeing Jiocoin soon!!
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue.
“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, adding that the government does not consider cryptocurrencies to be legal tender.
Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.
Well When it comes to Mukesh Ambani,he can do anything & People will be seeing Jiocoin soon!!
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