Now JioCoin after Bitcoin: Reliance Jio likely to introduce new cryptocurrency

Mumbai: Reliance Jio Infocomm Ltd is planning to introduce its own cryptocurrency by name JioCoin.

According to the news published in Hindustan Times, Akash Ambani who is heading JioCoin project is planning to employ 50 professionals to work on blockchain technology.

It may be mentioned that Blockchain is a digital ledger for the storage of unlimited data. This data is stored on the cloud instead of storing on physical servers.

The person who furnishes this information to Hindustan Times on condition of anonymity told that this new cryptocurrency can be used in supply chain management logistics. However, Reliance Jio did not give any response on this issue.

He also told that Reliance Jio wants to enter into the Internet of Things (IoT). IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data.

It may be noted that Government of India had issued warning against using cryptocurrencies. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender.

Governments all over the world are keeping a close eye on these cryptocurrencies after their prices rose rapidly. However, on Thursday, the value of Bitcoin came down to $12,801 after Justice Minister of South Korea reiterated his suggestion to ban local exchanges of cryptocurrency.