Insta
Reliance Announces Plans To Foray Into Blockchain-Based Applications Starting With Cryptocurrency JioCoin
Swarajya Staff
Jan 12, 2018, 09:01 AM | Updated 09:01 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Mukesh Ambani-led Reliance Jio Infocomm has announced plans to foray into blockchain-based ventures in India, reports Mint. The venture is to be headed by his older son Akash Ambani and will reportedly employ 50 “young” professionals.
The team will focus on blockchain-based applications such as supply chain logistics and ‘smart contracts’ and is also looking to launch its own cryptocurrency called the JioCoin. Along with this, the company also wants to foray into development of applications based on the Internet of Things (IoT).
This development comes amid concerns of the future of cryptocurrencies in India. The finance ministry had earlier cautioned against them, saying they had no legal backing. Globally, South Korea is cracking down on Bitcoin exchanges while billionaire Warren Buffet has said that they are headed for trouble.
Also Read: How The World Is Regulating Cryptocurrencies And What India Should Do
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.