Indian Telecom giant Reliance Jio Infocomm Ltd. is planning to create their own virtual cryptocurrency, unsurprisingly and eponymously titled JioCoin. The firm moves ahead boldly even as the Indian government has moved against digital assets in recent weeks.
According to a source with inside knowledge of the initiative, Reliance Jio Infocomm is apparently moving to construct a dedicated team of 50 Indian tech experts to foster the JiaCoin project. At press time, however, there’s been no official statement from Akash Ambani, the alleged director of project.
Per the report, the JiaCoin team would focus on using smart contact solutions to facilitate supply chain logistics for Reliance Jio.
“The company plans to hire 50 young professionals with an average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” the anonymous insider is quoted as saying.
Uncertainty Reigns, However
Mukesh Ambani, India’s richest person and the magnate behind Reliance, is well-known for disrupting domestic markets and creating wealth. Now, he’s seemingly making a foray into cryptocurrencies at a time when bitcoin has no legal tender status in India.
Indeed, on December 2nd, Indian Finance Minister Arun Jaitley declared cryptocurrencies like bitcoin are not to be recognized as currencies within the sub-continental nation. Additionally, Indian Income Tax Department raided crypto exchanges across the country during the same timeframe and has warned users to steer clear.
Amidst these crackdowns, Bivas Chatterjee, a Kolkata-based lawyer, filed public interest litigation (PIL) in his city’s high court demanding cryptocurrency regulations.
If Jio really does create their own JioCoin, then this could be a major legitimizing development as far as legal status goes in the nation. Regulators might “relax” if India’s richest man joins the cryptoverse.
Do you think JioCoin can influence the Indian market? Let us know your thoughts in comments.
Images via LiveMint, The Quint