India's richest man may be planning a cryptocurrency

India's richest man may be planning a cryptocurrency

"The team would work on various blockchain products", a person familiar with the development told Hindustan Times on condition of anonymity.

Reliance Jio is yet to confirm the report. Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too.

After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin. Now Jio is planning to enter into cryptocurrency business and may launch it Jiocoin. Akash will be leading a young team of around 50 professionals to work on the next-gen technologies including blockchain and crypto.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. We can deploy smart contracts. In straightforward terms, blockchain decentralizes data without it being duplicated. The Information that is Held on the Block-Chain that through an Shared Database which Can be Accessed on a Real-time Basis.

The company also plans to use blockchain technology in Internet of Technology (IOT). It can be used in supply chain management logistics.

Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

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. Nowadays, the cryptocurrency (invisible currency) gets hyped in India.

The Indian government cautioned against cryptocurrencies, saying that virtual currencies were not backed by assets and posed risks such as money laundering. 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.

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.

"In a notification, the central bank, last month said, ".users, holders and traders of Virtual Currencies (VCs) including Bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs".

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