Will Reliance Jio launch JioCoin? Here's what you need to know

Will Reliance Jio launch JioCoin? Here's what you need to know

In picture: A man carries a cup of as he walks past a Reliance Jio Infocomm 4G mobile services logo in Mumbai on September 6, 2016.

After Burger King, Kodak, Telegram, and Bank of England, India's fourth-largest telecom giant Reliance Jio, a wholly-owned subsidiary of Mukesh Ambani led Reliance Group, is now set to launch its own cryptocurrency dubbed as JioCoin.

Launching its own cryptocurrency JioCoin is being seen as another attempt to bolster the JioMoney business of the Jio ecosystem, while also enhancing users' consumability on Jio offerings. Akash will be leading a young team of around 50 professionals to work on the next-gen technologies including blockchain and crypto.

The blockchain product on which young professional will work is a digital ledger for storing data which also includes financial transactions. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. Firstly, the information shared on it can be accessed anywhere as the data is stored in a cloud. It is the most popular application of the technology that will be used as a cryptocurrency.

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". Along with this, loyalty points can also be fully based on JioCoin.

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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.

A lot of questions remain on Jio's intentions with the JioCoin as the Indian government is yet to provide clarity on the status of virtual currencies in India.

"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. Last month, the Ministry of Finance warned investors to become aware of the risk surrounding cryptocurrency investments.

The Reserve Bank of India has issued several warnings against the use of Bitcoins and other virtual currencies, saying they are not authorized by any central bank or monetary authority.

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