Led By Akash Ambani, Reliance To Create Own Cryptocurrency 'JioCoin'

| January 12 , 2018 , 14:39 IST

BitCoins took the world by fire, and although the Indian government has cautioned against cryptocurrencies such as BitCoins, Mukesh Ambani's elder son Akash Ambani is reportedly leading a team to develop a similar cryptocurrency for Reliance Jio Infocomm Ltd, named JioCoin.

Reliance Jio, which quickly established its presence in the industry by offering free internet, is now planning to build a 50-member team of young professionals to work on blockchain technology. The developed blockchain technology would have applications in cryptocurrency as well as in the Internet of Things (IoT).

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“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 anonymously to Hindustan Times.

“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” the person said, adding that it was currently in the proposal stage.

“Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there,” the person said.

The Indian government cautioned against cryptocurrencies, saying that virtual currencies were not backed by assets and posed risks such as money laundering. Finance Minister Arun Jaitley on January 2 told the Rajya Sabha that the government was still studying the issue.

 “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, adding that according to the government, cryptocurrencies are not legal tender.