Reliance Jio may be developing its own cryptocurrency, the JioCoin

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However, Reliance Jio did not give any response on this issue.

After giving telecom sector impressive offers and tariff rates, Reliance Jio is now planning to launch its own cryptocurrency, JioCoin.

With Mukesh Ambani's elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.

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The Reliance Industries is Going to Hire 50 young Professionals For this JioCoin Project that with an average age of 25 Years for the Akash Ambani to Lead this Project.

Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio.

It is a digital ledger for storing data including, but not limited to, financial transactions. This Database is Not Stored on the Physical Serves but on the Cloud that which Makes it Easy to Store an Unlimited Data. Its popularity has grown in the past year and the value of Bitcoin - the most popular cryptocurrency - had surged to over $16,000 apiece in December. We can deploy smart contracts.

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He also told that Reliance Jio wants to enter into the Internet of Things (IoT). "Loyalty points could altogether be based on JioCoin", said one of the Jio employees to LiveMint. Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too.

Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. However, the legal status of cryptocurrency has not had a clear vision in India as the RBI and Finance Minister Arun Jaitley had issued warnings against the cryptocurrency use. Speaking in the Rajya Sabha, Jaitley reiterated the government's stance that such digital currencies are not legal tender, and people dealing in them will not get any legal protection.

Bitcoin and different digital forms of money have gone under the scanner of governments over the world as their taking off costs pulled in theorists and unexperienced retail speculators in huge numbers.

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