After giving telecom sector impressive offers and tariff rates, Reliance Jio is now planning to launch its own cryptocurrency, JioCoin. However, all these are in proposal stage only, and there is no indication of when Reliance will actually come up with their own cryptocurrency.
The most popular application of blockchain technology has been cryptocurrencies, and Reliance Jio plans to create its own version called JioCoin, the daily said. "The team would work on various blockchain products", a person familiar with the development told the newspaper. In straightforward terms, blockchain decentralizes data without it being duplicated. This information is shared on the blockchain through the database, which can be accessed on real-time basis. This Database is Not Stored on the Physical Serves but on the Cloud that which Makes it Easy to Store an Unlimited Data. The VCs don't have intrinsic value and are not backed by any kind of assets.
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According to the Ministry of Finance the users, holders, and traders of VCs have already been cautioned three times, in December 2013, February, 2017 and December, 2017, by the Reserve Bank of India about the potential financial, operational, legal, customer protection and security-related risks that they are exposing themselves to by investing in Bitcoin and or other VCs. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation resulting in spurt and volatility in their prices. The Income Tax (IT) department has also carried out enquiries and notices have been given to a number of people who have transacted in bitcoins.
A lot of questions remain on Jio's intentions with the JioCoin as the Indian government is yet to provide clarity on the status of virtual currencies in India. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. It is hard to counterfeit because of this security feature.