Reliance Jio Planning to Launch Their Own Cryptocurrency

Reliance Jio Planning to Launch Cryptocurrency

India’s telecom giant Reliance Jio, a fully-owned subsidiary of Mukesh Ambani led Reliance Group has now planned 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 reports Livemint.

In India, Reliance Jio is the first Indian large-scale company to launch its own cryptocurrency JioCoin. A development that might encourage other players particularly India’s banking sector and oil/energy distributors to follow the same route.

Already Govt. of Andhra Pradesh have launched projects on blockchain technology and other states like Telengana and Maharashtra are in the process. Reliance Jio’s entry into blockchain research and IOT will encourage more players to come forward. On the brighter side if Reliance Jio successfully imbibes and implements the blockchain technology it will open the floodgates for blockchain related technologies in India.

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