After bashing in telco sector and post becoming the king of internet 4g world which made its competirors to come down now jio is planning to enter in crypto currency world , yes you got me right , the news is cent percent correct Reliance jio Infocomm Limited is planning its own cryptocurrency, dubbed as JioCoin which can be named as "India ka bitcoin".
Reliance Industries Limited is among Fortune 500 company which is led by india's richest person Mukesh ambani.
This project Jio Coin will be led by Akash Ambani and already team of 50 members has been selected to implement this project which will be focusing on blockchain technology and understanding its product.
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions which happens in crypto world.
Constantly growing as "completed" blocks (the most recent transactions)
are recorded and added to it in chronological order. It allows market
participants to keep track of digital currency transactions without
central recordkeeping
there are more than 1,000 cryptocurrencies with a combined market
capitalization of almost $700 billion, with bitcoin dominating 43%. hence bitcoin is the king of cryptoworld today.
The aim of this project as per reliance is to digitise india end-to-end and bridging gap of rural-urban india.
India is the home to the second-largest population (1.2 billion) in the
world with 63% of its population under age 35. This, when combined with
the fast-growing smartphone and internet penetration amid a digital
revolution, makes India a fertile land for innovative digital
technology.
It will be interesting to see government stance at this as in December 2017, the Reserve Bank of India reinstated
its cautious stance towards bitcoin and virtual currencies. The apex
bank issued the first of such note in December 2013. In February 2017,
it clarified that it has not given any licence or authorisation to any
entity or company to operate such schemes or deal with bitcoin or any
virtual currency.
In January 2018, Finance Minister Arun Jailey said, “The government is
examining the matter. A Committee under the chairmanship of the Economic
Affairs Department Secretary is deliberating over all issues related to
cryptocurrencies to propose specific actions to be taken... Instead of
taking any knee-jerk action, let's wait for the report of this
committee.”
WILL BE GONNA BE INTERESTING, STAY TUNED WITH ME...B BYEEE..
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