Mukesh Ambani-owned Reliance Jio Infocomm plans to launch its own cryptocurrency called, JioCoin, Mint reported citing an anonymous source Cryptocurrency has been in the news for the past one and half month as Bitcoin, the most traded among them, hit around $19,000, however, fell lately to $13,000.
As part of the cryptocurrency plan, Jio is reportedly looking to build a 50-member team of young professionals to work on blockchain technology. There are Multiple Applications of the Block-Chain team that would work on the Various Block-Chain Products a person Familiar with the Development this Said by the Conditions of anonymity.
It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. Firstly, the information shared on it can be accessed anywhere as the data is stored in a cloud. He further said Reliance aspires to get into Internet of Things (IoT) and Blockchain technology to disrupt the global market under various sectors.
Cryptocurrency has boomed in very less time and Bitcoin is one of the fasted growing cryptocurrency and people are also investing in it for high profit but there are some flaws in it. The person, however, said all of this was "in proposal stage". We can deploy smart contracts.
Altogether, the Indian government has advised against digital forms of money, expressing that virtual monetary standards were not upheld by resources and acted dangers such like illegal tax avoidance.
Significantly, Union finance minister Arun Jaitley recently stated in Rajya Sabha that Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk.
"A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken", Jaitley said while speaking in the upper house.
A cryptocurrency is a digital or virtual currency that uses cryptography for security.