India's richest man may be planning a cryptocurrency

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Turning its focus toward cryptocurrency, Reliance Jio backed by the richest man in India, Mukesh Ambani may be looking to launch its very own - JioCoin.

According to Mint, Mukesh Ambani's elder son Akash Ambani is leading the JioCoin project and the company is 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. "The team would work on various blockchain products", the report quoted a source as saying. We can deploy smart contracts. It can also be used for supply chain management. "Loyalty points could altogether be based on JioCoin", said one of the Jio employees to LiveMint. He further said Reliance aspires to get into Internet of Things (IoT) and Blockchain technology to disrupt the global market under various sectors.

On one hand, the investment in cryptocurrencies is coming under the radar of Indian government, India's largest corporate conglomerate is planning to launch its own cryptocurrency named JioCoin in the near future.

It is a digital ledger for storing data including, but not limited to, financial transactions. In straightforward terms, blockchain decentralizes data without it being duplicated. As it stores the information on a cloud and not on physical servers, it can be shared and accessed in real time.

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IoT is a system of gadgets, such as, Smartphones, wearable gadgets, home machines and vehicles, associated with the web, which empowers these articles to interface and trade information.

Significantly, Union finance minister Arun Jaitley recently stated in Rajya Sabha that Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk.

A lot of questions remain on Jio's intentions with the JioCoin as the Indian government is yet to provide clarity on the status of virtual currencies in India.

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. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority.

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