Mukesh Ambani plans JioCoin to disrupt crypto scene in India

Mukesh Ambani plans JioCoin to disrupt crypto scene in India

Mukesh Ambani plans JioCoin to disrupt crypto scene in India

"Reliance Jio also aspires to get into Internet of Things (IoT)". According to an unnamed source, the new cryptocurrecny would be called "JioCoin" and the project would be led by Reliance Industries Chairman Mukesh Ambani's elder son, Akash Ambani. And after disrupting the telecom sector with the free offers and the competitive tariffs, now the Reliance Jio Infocomm Ltd company is planning to make its own cryptocurrency, JioCoin.

"The company plans to hire 50 young professionals with the average age of 25 years for Akash Ambani to lead", Mint quoted a person familiar with the development at Reliance Jio as saying.

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.

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. In straightforward terms, blockchain decentralizes data without it being duplicated.

The flip side of the cryptocurrency is that it is not an officially recognized instrument and is not backed by any assets whatsoever. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation resulting in spurt and volatility in their prices.

There is real risk of investment bubble of the type in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard earned money.

Bitcoin's value jumped 15 times in less than 12 months. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea's justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.

It may be noted that Government of India had issued warning against using cryptocurrencies. Constantly growing as "completed" blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. It is hard to counterfeit because of this security feature.

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