After taking the telecom industry by a storm, Mukesh Ambani led Jio Infocomm is set to venture into yet another disruptive trend. If the reports are to be believed, then the venture led by India’s richest man is looking to launch its own cryptocurrency with the name JioCoin.
Livemint first reported the update stating that the project will be headed by Akash Ambani, Mukesh Ambani’s eldest son. Akash will be leading a young team of around 50 professionals to work on the next-gen technologies including blockchain and crypto.
Though the report did not mention any specific source, it added that the company is planning to venture into IoT and building a blockchain platform will be beneficial for laying the foundation of IoT plans by Jio.
Indian scenario on cryptocurrency
The recent surge in prices of various cryptocurrencies has made a lot of Indian individuals interested in investing in the trading, however, the government has been skeptical about allowing a legal route to trade. Last month, the government had also served notices to crypto investors and the exchanges to reach out to the individuals trying to evade taxes. Union finance minister Arun Jaitley has also added at times that the cryptocurrencies are not a legal tender yet in the country.
However, with this news of an Indian company launching its own cryptocurrency, the situation might see a change in the coming months. We hope that the move of launching JioCoin will pave way to a revolution in crypto and the same will be led by Mukesh Ambani as he did in the case of Jio.
Stay tuned for updates.