Reliance Jio may come up with its own cryptocurrency called Jiocoin

Reliance Jio may come up with its own cryptocurrency called Jiocoin

Reliance Jio may come up with its own cryptocurrency called Jiocoin

Reliance Jio is Planning Their Own Crypto-Currency Named JioCoin:- New Delhi: Reliance Industries is planning to Launch their Own Cryptocurrency as in the way of to Made JioCoin from their Company.

Jio maybe planning to build a 50-member team to work on blockchain technology.

According to livemint "The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead".

Jio effect: Airtel Rs
And as far as pricing is concerned, Jio offers the plan at the cheapest price against its two older rivals of Airtel and Voadone. Customers opting for the Rs 186, Rs 187 special tariff plan will get 1GB data per day with a validity of 28 days.

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. The information held on blockchain can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.

He also told that Reliance Jio wants to enter into the Internet of Things (IoT).

Within 15 months of its launch, Reliance Jio claims to have reached 160 Mn subscribers.

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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. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on.

India's richest man Mukesh Ambani has set his eyes on blockchain technology and cryptocurrencies. The loyalty points paired with different Jio services could be eventually based on JioCoin. "Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labeling each block of data".

Altogether, the Indian government has advised against digital forms of money, expressing that virtual monetary standards were not upheld by resources and acted dangers such like illegal tax avoidance.

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Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. Back home, the finance ministry, Arun Jaitley and Reserve Bank of India (RBI) have warned bitcoin users on the risks such cryptocurrencies carry. Union Finance Minister, Mr. Arun Jaitley said that government does not consider it as legal tender.

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