Reliance Jio own cyptocurrency JioCoin like Bitcoin.With Mukesh Ambani’s elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, to develop its own ICO and crypto coin.
After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin like Bitcoin.
With Mukesh Ambani’s elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said on condition of anonymity.
Why Reliance Jio want to Develop JioCoin?
The report quotes an unnamed source to mention that Reliance Jio also aspires to get into the Internet of Things (IoT) segment where blockchain technology would be resourceful. IoT is another facet of modern technology which is witnessing growth and industry-wide interest. At the core of IoT is faster network and connectivity and Jio, with its positive 4G roll out and popularity, appears poised to take on the segment head-on.
Back home, the finance ministry, Arun Jaitley and Reserve Bank of India (RBI) have warned bitcoin users on the risks such crypto currencies carry. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority.