Reliance Jio planning to launch its own cryptocurrency called JioCoin

Reliance Jio planning to launch its own cryptocurrency called JioCoin

Reliance Jio planning to launch its own cryptocurrency called JioCoin

Well, as per a new report by Livemint, Indian telecom operator Reliance Jio wants to step into the world of cryptocurrency by introducing its own digital currency called JioCoin.

Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio. "The team would work on various blockchain products", a person familiar with the development said on condition of anonymity. It is the most popular application of the technology that will be used as a cryptocurrency. We can deploy smart contracts. It can also be used for supply chain management. "Loyalty points could altogether be based on JioCoin", the person cited above said, adding that all of this was "in proposal stage".

The company also plans to use blockchain technology in Internet of Technology (IOT). 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. 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. Millions of people started investing in cryptocurrency and making money in it.

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Meanwhile, India government is cracking down on cryptocurrencies, as Income Tax (I-T) Department in December conducted survey operations at major Bitcoin exchanges across the country.

Reliance Jio Infocomm Limited is a wholly owned subsidiary of Reliance Industries headquartered in Navi Mumbai.

Recently it was reported that many Indian Bitcoin exchanges have been facing difficulties with INR withdrawals as Indian banks had been blocking payments and withdrawals by bitcoin exchanges.

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Bitcoin witnessed a decline of 12 per cent, reaching United States dollars 12,801, while Ripple and Ethereum slumped down to 14 per cent and 4 per cent respectively.

Speaking about blockchain's use in supply chain management a report by Supply Chain 247 read, "Every time a product changes hands, the transaction could be documented, creating a permanent history of a product, from manufacture to sale". The industrial analysts also suggest that blockchain is a lot suitable for the Internet of Things.

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