Reliance Jio planning to launch its own cryptocurrency called JioCoin

Cryptocurrencies have brought an enormous change in the modern business and economy sector. A large population of India is found investing money in several cryptocurrencies like Bitcoin, Litecoin, Ripple, etc. Fortunately, cryptocurrencies have caught the eye of the Reliance industry which has aspired them to launch their own cryptocurrency dubbed as “JioCoin”.

After earning a huge profit by the launch of Jio VoLTE sim and Jio phones in the telecom sector, Reliance company is back with its own cryptocurrency “JioCoin” which is expected to increase the company's profits. The “JioCoin” project will be lead by Akash Ambani, the elder son of Mukesh Ambani along with a team consisting of 50 members who are currently working on the 'blockchain' and the IoT (Internet of Things) technology which will come in handy with the JioCoin project. Blockchain is a technology that keeps the track of cryptocurrencies digitally. IoT is a technology that will make the world smart. It will cover all the fields from driverless cars and smart homes to smart cities and smart factories.

Propelling the new digital currency in India is the organization's new procedure to strengthen Jio offering in the Indian populace. Alongside influencing colossal to benefit, the organization will thus build its market and business to a bigger gathering of individuals. One of the representatives associated with the venture expressed that, "The organization intends to employ 50 youthful experts with a normal age of 25 years for Akash Ambani to lead. There are numerous uses of blockchain (for the organization). The group would take a shot at different blockchain items. One (application) is cryptographic money. We can send shrewd contracts. It can be utilized as a part of inventory network administration coordination's. Reliability focuses could inside and out be founded on JioCoin"

Following the strides of the organizations like Burger King, which has just propelled its own digital money known as "Whoppercoin", Reliance and different organizations including Kodak, Telegram and Bank of England have as of late wanted to concoct their own cryptographic forms of money as well.

Despite the fact that digital forms of money are being acknowledged in numerous nations like India, China, Russia, Sweden, and so on., however the greater part of the nations like India decline to legitimately back the most prominent cryptographic money of the world, i.e., "Bitcoin". It is unlawful in our nation to exchange or put resources into Bitcoin. As revealed by the Business Standard, in December 2017, the Reserve Bank of India cautioned the clients, holders and brokers of Bitcoin and different cryptographic forms of money about the security issues related with the virtual monetary forms saying, "In the wake of a critical spurt in the valuation of numerous VCs and quick development in Initial Coin Offerings (ICOs), RBI emphasizes the worries." Many studies have been led in the nation in regards to the doubt of assessment attack in the virtual currency.  Hence, JioCoin may turn into the main driving legitimate digital money in our nation. This will urge the financial specialists to put resources into JioCoin and other monetary divisions to embrace a similar way.

Writer: Shubhi Saxena