Reliance Group Chairman Mukesh Ambani Spoke about Blockchain technology at the 42nd Annual General Meeting (AGM) of Reliance Industries in August last year, He said, “Using Blockchain, we can deliver unprecedented security, trust, automation, and efficiency to almost any type of transaction. And using Blockchain, we also have an opportunity to invent a brand-new model for data privacy where Indian data, especially customer data is owned and controlled through technology by the Indian people and not by corporates, especially global corporations.”
After this announcement came out, Reliance JIo – India’s one of leading telecom companies have started building a team of blockchain professionals and developers for building blockchain technology use cases including a cryptocurrency called Jio Coin.
In 2018, a report got spread in media about JioCoin – such developments were denied by Reliance Jio later.
According to a person familiar with the development said on condition of anonymity:
” Reliance Jio started working on JioCoin last year, JioCoin will be integrated into video streaming JioApps – JioTV, JioCinema. Jio Coin will be used as a token to pay for subscriptions to access premium content on these apps. Reliance Jio has built the blockchain infrastructure to launch JioCoin as soon they get regulatory clearance from the Indian Government.”
Indian Government released a Part one of Blockchain strategy document on 3rd February, and they will release the second part in the coming weeks. In the second part, They will define a set of regulations and policies for blockchain-based solutions in India.
Recent developments indicate that the Indian Government can clear the regulation for blockchain and cryptocurrency-based solutions soon, and Reliance Jio and JioCoin will be benefitted the most from it.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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