Cryptocurrency JioCoin Planned By Indian Telecom Giant

Blockchain, News, Regulation | January 12, 2018 By:

India-based mobile network operator Reliance Jio Infocomm (Jio) is reportedly planning to create its own cryptocurrency.

Reliance Jio Infocomm Limited is a wholly owned subsidiary of Reliance Industries, headquartered in Navi Mumbai. It provides wireless 4G LTE service network and is the only ‘VoLTE-only’ (Voice over LTE) operator in the country, which lacks legacy network support of 2G and 3G, with coverage across all 22 telecom circles in India.

As part of the cryptocurrency plan, Jio is reportedly looking to build a 50-member team of young professionals to work on blockchain technology. 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.

The company also plans to develop blockchain applications such as smart contracts and supply chain management logistics.

“One application is cryptocurrency,” the source said. “We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin. Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there.”

Indian financial authorities have issued several warnings about the risks involved when engaging in the cryptocurrency space. Last month, the Ministry of Finance warned investors to become aware of the risk surrounding cryptocurrency investments. It claimed that the recent price surge of cryptocurrencies such as bitcoin is being driven only by speculation and underscored the risk of an investment bubble. The Ministry added that cryptocurrencies don’t have any intrinsic value and they are not legal tender in India.