Blockchain experts and cryptocurrency enthusiasts across India are excited and instilled with a new hope, because Reliance Industries, India’s largest corporate and business conglomerate plans to launch their own cryptocurrency called JioCoin.
Although not confirmed by Reliance or Jio as of now, but the report has sent shockwaves across India, and globally.
Will 2018 witness a new era of blockchain and cryptocurrency in India?
JioCoin: Jio’s Own Cryptocurrency Coming Soon!
Bitcoin prices soared from under $1,000 to almost $14,000 during calendar 2017, and ethereum jumped from about $8 to $734.
On Wednesday, investment guru Warren Buffett said he would never invest in cryptocurrencies. "I can say almost with certainty that cryptocurrencies will come to a bad end," Buffett told CNBC in an interview.
Bitcoin remains the top dog in the cryptocurrency market, but has tanked to $13,580 as of January 12 from $16,917 on January 5.
“A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” Jaitley said, adding that the government does not consider cryptocurrencies to be legal tender.
Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, Bloomberg reported.
Mukesh Ambani’s elder son Akash Ambani is expected to lead Reliance Jio’s JioCoin project.
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