India’s richest man may be planning a cryptocurrency
Reliance Jio Infocomm is looking at creating its own cryptocurrency or JioCoin; it has proposed setting up a team to work on blockchain technology
India’s richest man Mukesh Ambani has set his eyes on blockchain technology and cryptocurrencies.
Ambani’s Reliance Jio Infocomm reportedly plans to create its own cryptocurrency, although the idea is still at the ‘proposal stage’.
Reliance plans to build a 50-strong team to work on a blockchain technology project, to be headed by Mukesh’s son Akash Ambani, Mint has reported.
The most popular application of blockchain technology has been cryptocurrencies, and Reliance Jio plans to create its own version called JioCoin, the daily said.
Blockchain technology can also be used to develop applications like supply-chain management logistics.
However, cryptocurrencies are currently facing rough weather as governments around the world view them with suspicion.
The most popular cryptocurrency, Bitcoin, faces a ban in some countries or tighter regulation in others. Most governments fear it could be used for money laundering and terror funding.
The Reserve Bank of India has issued several warnings against the use of Bitcoins and other virtual currencies, saying they are not authorized by any central bank or monetary authority.
And the Indian finance ministry recently described Bitcoin as a “Ponzi scheme”. The government has constituted an expert group to look into virtual currencies and is awaiting their report.