Reliance Announces Plans To Foray Into Blockchain-Based Applications Starting With Cryptocurrency JioCoin

Mukesh Ambani-led Reliance Jio Infocomm has announced plans to foray into blockchain-based ventures in India, reports Mint. The venture is to be headed by his older son Akash Ambani and will reportedly employ 50 “young” professionals.

The team will focus on blockchain-based applications such as supply chain logistics and ‘smart contracts’ and is also looking to launch its own cryptocurrency called the JioCoin. Along with this, the company also wants to foray into development of applications based on the Internet of Things (IoT).

This development comes amid concerns of the future of cryptocurrencies in India. The finance ministry had earlier cautioned against them, saying they had no legal backing. Globally, South Korea is cracking down on Bitcoin exchanges while billionaire Warren Buffet has said that they are headed for trouble.

Also Read: How The World Is Regulating Cryptocurrencies And What India Should Do