Crypto-currencie Jio Coin by Reliance (Mukesh Ambani)
After generating huge platform in telecommunication market, Reliance is now set to walk into the market of crypto-currencies. In a report it is published that Mukesh Ambani may launch Crypto-currencies soon as Jio Coins in the market. After the big hullabaloo happened with Bitcoins in Indian financial market, now Reliance will walk into the world of block-chain technology soon.
What is Crypto-currency?
Crypto-currencies are a type of digital currencies. This is a secured and anonymous currency that people can use for trade and transaction of assets in capital market. In capital market, crypto-currencies are used as investment portfolios.
Bitcoin is the first kind of crypto-currency in the world. Crypto-currencies follow the system of cryptography. Back in the time of World War II, cryptography used to be used to exchange secrets. In this system a special coding is used which is impossible to decode by anyone. Crypto-currencies are secure and can be a good way to secure the transaction of assets and so on.
Bitcoins have reached $20,000 per unit last year which was the highest value of such virtual currency ever. However RBI has confirmed that Bitcoins are not valid for any mode of payment yet.
Jio Coin: Reliance Crypto-currency
- The Managing Director, Reliance Telecommunication, Mukesh Ambani may start a new type of Crypto-coin called Jio Coin under the supervision of his elder son Akash Ambani. In a report it has been stated that a team of 50 members have been established to work on block-chain technology.
- RBI, on the other has already stated that Bitcoin or any form of Crypto-currencies will not be valid for any mode of payment. The Finance Minister, along with RBI officials has declared such currencies as not-legalised yet in India.
- While the Bitcoin has made a huge uproar in the Indian capital market in recent past, the business honcho Ambani will now come up with own virtual currencies.
- As per the latest reports all these plans are still on paper and in proposal stage. None of the officials from Reliance has confirmed the news yet.
As of now no other report has been published on the same. The MD of Reliance hasn’t given any comment on the same as well. It has been reported that many industrialists and so on are willing to make these coins official and legal as they have high valuation in capital market. As of now these currencies are not worldwide legalised. The space will be updated as more details will come on this.