After disrupting the telecom space with its dirt cheap offers, cryptocurrency seems to be Reliance Jio’s next target.
Reliance Jio Infocomm is reportedly planning to create its own cryptocurrency, JioCoin. According to a report by Mint, a 50-member team is working on the blockchain technology, which is being anchored by Mukesh Ambani’s elder son Akash.
The new venture comes in line with the surging rate of Bitcoin. However, the cryptocurrency took a major hit after South Korea revised the ban on such venues, raising concerns that a crackdown will tear down one of the world’s major sources of demand for digital currencies.
Bitcoin witnessed a decline of 12 per cent, reaching USD 12,801, while Ripple and Ethereum slumped down to 14 per cent and 4 per cent respectively.
These cryptocurrencies are under scrutiny by governments across the globe as the rising prices are attracting everyone from individuals to top Wall Street banks.
In India, Finance Minister Arun Jaitley has warned that Bitcoins or such cryptocurrencies are not legal tender and those indulging in such transactions are doing it at their own risk.
"The government is examining the matter. A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to crypto-currencies to propose specific actions to be taken," Jaitley said during the Question Hour in Rajya Sabha.