JioCoin: Reliance Jio planning to launch its own cryptocurrency “JioCoin”
India’s fourth-biggest telecom Reliance Jio, maintained by Mukesh Ambani Reliance Group, is presently set to launch its own digital currency named as JioCoin.
Weeks after Finance Minister Arun Jaitley told the Parliament that digital currency was not a legal tender in India
it has been reported that Mukesh Ambani Reliance Jio is getting ready to launch its own virtual currency name-JioCoin.
JioCoin Cryptocurrency, Akash Ambani to lead the project
As shown by a report in Mint, Reliance assigns to hire 50 young experts to work on blockchain technology for JioCoin.
Blockchain technology is a decentralized computerized record in which exchanges made in digital currencies are recorded freely.
While the JioCoin currency is still in its first stage, the official did tell the business daily as to how Reliance Jio could handle the new technology.
He said: “JioCoin can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin.” The company’s new JioCoin venture will be managed by Mukesh Ambani’s son Akash Ambani.
The report comes just after the Finance Ministry and the RBI clearly declared that the creation, trading or usage of virtual currencies as a medium for payment were not approved by the central bank or monetary authority.
Finance Ministry Arun Jaitley indicated that the virtual currency schemes including Bitcoin don’t have any natural value and are not backed by any kind of assets.
He Also said that cryptocurrencies were not legal tender and those satisfying in such transactions were doing it at their own risk
As of late, the Income Tax conducted a survey on nine major cryptocurrency exchanges to examine instances of tax evasion. The Tax authority has reportedly discovered that there are 6 lakh active cryptocurrency traders in the country
A month ago, the Reserve Bank issued its third warning, reminding the investors of its earlier concerns.
In its prior notices, the RBI had said that it has not given any permit or authorization to any elements to work such plans or manage bitcoin or any virtual money.
The government has already constituted a panel under Economic Affairs secretary to deliberate over all issues related to cryptocurrencies and propose specific actions that need to be taken.
Presently, there are over 1300 virtual currencies in running worldwide. India has recognized 11 exchanges dealing with virtual currencies.