Site Loader
Rock Street, San Francisco

Yes! Reliance Jio (a wholly-owned subsidiary of Reliance Group) headed by Indian business tycoon Mukesh Ambani is indeed planning to launch its own crpytocurrency or cryptotoken, dubbed currently as ‘JioCoin’, which according to the inside sources is the brainchild of Akash Ambani (Mukesh’s eldest son). The JioCoin project is apparently a blockchain technology that would help the company for smart contracts and better manage the supply-chain management logistics.With Jio 4G network available across the country and over 160 millionn user base, the company is also experimenting with IoT and AI to determine how these technologies can help boost the entire Reliance offerings. Working on the applicability of private and permissioned-blockchain solutions, the company is considering to rope in all the three technologies together in other Reliance companies too. Thus, cryptocurrency JioCoin might be just the tip of the big project. Currently, Reliance Jio has its own Jio Money wallet that offers a range of deals and discounts on food, travel, accessories, books and magazine, and apparels. However, unlike Jio, JioMoney could not score in the already saturated market of digital payment wallets.From the dark web of the cryptocurrency sources, mining, money laundering and investments to the glorious future of its benchmark technology i.e. blockchain that every organisation and government authorities are looking forward to, Bitcoin too is caught in dichotomies at several levels.But at the same time, we just cannot deny the fact that Blockchain technology could turn out to be a completely fresh infrastructural layer of the internet to put back traditional payment systems, thanks to the innovative design of the technology, which makes hard to commit fraud. Several big companies are following these changes in order to provide secure, safe and fast transactions.Though there are over 1300 virtual currencies in operation worldwide, the Reserve Bank of India (RBI) and the Indian Government isn’t too excited about the ‘virtual currency’ as they think it might pose a serious risk to the investor, perhaps due to the following reasons:Virtual currency being in digital form are stored in digital-electronic media that are called electronic wallets. Therefore, they are prone to losses arising out of hacking, loss of password, compromise of access credentials, malware attack etc. Since they are not created by or traded through any authorised central registry or agency, the loss of the e-wallet could result in the permanent loss of the VCs held in them.Payments by virtual currency take place on a peer-to-peer basis without an authorised central agency which regulates such payments. As such, there is no established framework for recourse to customer problems/disputes/charge backs.So far, cryptocurrencies are being traded on exchange platforms set up in various jurisdictions whose legal status is also unclear. Hence, the traders of virtual currency on such platforms are exposed to legal as well as financial risks.It has been reported that usage of digital currencies are largely for illicit and illegal activities. The absence of information of counter-parties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws.Meanwhile, as far as existing cryptocurrencies such as Bitcoin are concerned, most of the countries including India have refused to back these cryptocurrencies as a legal tender. For asset tradings too, many countries including India, Singapore, South Korea and the US have issued multiple warnings against the same.In India, Reliance Jio is the first Indian large-scale company to launch its own cryptocurrency JioCoin, which could potentially encourage other players, particularly in India’s banking and oil/energy sectors to follow the same route.

Post Author: admin

x

Hi!
I'm Eunice!

Would you like to get a custom essay? How about receiving a customized one?

Check it out