Published: Sat, January 13, 2018
Research | By Raquel Erickson

Reliance Jio planning to launch its own cryptocurrency called JioCoin

Reliance Jio planning to launch its own cryptocurrency called JioCoin

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. "The team would work on various blockchain products", a person familiar with the development told the newspaper. It is the most popular application of the technology that will be used as a cryptocurrency.

The company could deploy smart contracts and use it in supply chain management logistics. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin.

After disrupting the Indian telecom market, Reliance Jio is expected to delve into the world of blockchain technology and cryptocurrencies.


Launching its own cryptocurrency JioCoin is being seen as another attempt to bolster the JioMoney business of the Jio ecosystem, while also enhancing users' consumability on Jio offerings.

For the uninitiated, blockchain is basically a digital ledger which can store data, usually on the cloud and is a closed chain and as the links keep getting built, those building the chains get rewarded with the digital coins that can be traded or en-cashed by the owner. In straightforward terms, blockchain decentralizes data without it being duplicated.

In picture: A man carries a cup of as he walks past a Reliance Jio Infocomm 4G mobile services logo in Mumbai on September 6, 2016. This information is shared on the blockchain through the database, which can be accessed on real-time basis.

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. Nowadays, the cryptocurrency (invisible currency) gets hyped in India. 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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