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Reliance Jio may come up with its own cryptocurrency called Jiocoin

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Reliance Jio is one of the leading telecom industry in India, Jio launched the cheapest internet and calling system and now the company is giving tough competition to its rival companies. Now Jio is planning to enter into cryptocurrency business and may launch it Jiocoin. According to a report, Reliance Jio Infocomm is drawing up plans to create its own cryptocurrency, Jio Coin. The new bet, a Mint report claims, is the mandate of a 50-member team working on blockchain technology, which is being helmed by Ambani’s elder son Akash.

According to livemint “The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said on condition of anonymity.

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. Back home, the finance ministry, Arun Jaitley and Reserve Bank of India (RBI) have warned bitcoin users on the risks such cryptocurrencies carry. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority.