RELIANCE JIO PLANNING OWN CRYPTOCURRENCY 'JIOCOIN'
After hampering the telecom sector with its free offers and economical tariffs, Reliance Jio plans to launch its own cryptocurrency "JIOCOIN".
According to a report 50 member team is working on blockchain technology which is being governed by Ambani's son Akash Ambani.
The report comes at the time when Finance minister Arun Jaitley and Reserve Bank of India (RBI) have warned bitcoin investors and said cryptocurrency is not legal as of now.
The plan for "JIOCOIN" is not exactly clear, it is been said that the project is in proposal state.
The cryptocurrency works on Blockchain technology which can be used in supply chain management logistics.
In its earlier warnings, the RBI had said that it has not given any licence or authorisation to any entities to operate such schemes or deal with bitcoin or any virtual currency and the finance ministry has likened bitcoins to ponzi schemes.
