After Burger King, Kodak, Telegram, and Bank of England, India's fourth-largest telecom giant Reliance Jio, a wholly-owned subsidiary of Mukesh Ambani led Reliance Group, is now set to launch its own cryptocurrency dubbed as JioCoin. However, the project is said to still be in the proposal stage. There are Multiple Applications of the Block-Chain team that would work on the Various Block-Chain Products a person Familiar with the Development this Said by the Conditions of anonymity.
For the uninitiated, blockchain is basically a digital ledger which can store data, usually on the cloud and is a closed chain and as the links keep getting built, those building the chains get rewarded with the digital coins that can be traded or en-cashed by the owner. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically. The information held on blockchain can be accessed on a real-time basis.
The flip side of the cryptocurrency is that it is not an officially recognized instrument and is not backed by any assets whatsoever. The price of bitcoin and other VCs therefore is a matter of mere speculation resulting in spurt and volatility.More news: Assam NRC: Two FIRs lodged against BJP legislator
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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. As per the reports, Arun Jaitley warned people for using cryptocurrencies such as Bitcoins and Ripple. Bitcoin is a cryptocurrency and worldwide payment system which is decentralised from a country's official currency.
Cryptocurrencies are digital or virtual currencies that use cryptography to secure and verify transactions.
Earlier this month, Union Finance Minister Arun Jaitley said in Rajya Sabha that the government was still studying the issue but clearly stated that it does not consider cryptocurrencies to be legal tender. It is hard to counterfeit because of this security feature.