Reliance Jio launching own Crypto-Currency called Jio Coin
Reliance Industries chief Mukesh Ambani is planning to bring his own cryptocurrency like Bitcoin. According to the report, Reliance jio Infocom is planning to introduce itself as a crypto currency Jio coin. According to the Mint newspaper report, the team of 50 people under the leadership of Akash Ambani is working on block-chain technology in Jio.
These reports have come at a time when Bitcoin has been a big push around the world. South Korea has reiterated the ban on this. After this there is a possibility of fall in demand of bitcoin. Bitcoin has dropped by 12 percent and it reached level of $ 12,801. The second currency ripple fell 14 percent and the diamond fell 4 percent. Governments across the world have been investigating it because its rising price has not only caught the attention of people but also big banks.
In the meantime, Finance Minister Arun Jaitley and the Reserve Bank of India have warned people about crypto-currency. Jaitley has even said that the currency is not valid. The Finance Ministry has compared it to Ponzi Scheme. However, Jio has refused to give any statement on this news. The report claims that it is still in the initial stage.