Reliance Jio is Planning Their Own Cryptocurrency Named JioCoin

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Reliance JioInfocomm Ltd is planning to bring its own cryptocurrency JioCoin soon.

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.

Livemint quotes a person familiar with the development saying, "The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead".

The most popular application of blockchain technology has been cryptocurrencies, and Reliance Jio plans to create its own version called JioCoin, the daily said.

Blockchain is a digital laser, which stores data, includes financial transactions, but it is not limited. The information held on blockchain can be accessed on a real-time basis. This database is not stored on the physical server, but it is stored on the cloud.

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Reliance Jio is hoping to use the work by the new team to get into the IoT (Internet of Things) space. We can deploy smart contracts. The unidentified official said the team will build the blockchain technology for JioCoin. "Loyalty points could altogether be based on JioCoin", the person cited above said, adding that all of this was "in proposal stage".

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.

However, the Indian government and the Reserve Bank of India have warned users against virtual currencies.

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. On 2 January, fund serve Arun Jaitley told the Rajya Sabha that the legislature was all the while considering the issue. There were reports that people who couldn't convert their money use this channel to launder their illegal money and it could have been one of the reasons for sudden rise in the value of bitcoins. Constantly growing as "completed" blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping.