As the recent news trends suggest, the cryptocurrency may see a disruptive development in India with the launch of cryptocurrency by the Reliance Jio, the name is expected to be JioCoin. After observing the worldwide trends of Bitcoins and thousands of other such cryptocurrency, the Akash Ambani, son of Mukesh Ambani is supposed to meet with group of developers soon, who create solutions based on blockchain technology.
How may Reliance Jio cryptocurrency affect Indian scenario?
If JioCoins got introduced, we should definitely see a huge disruption in cryptocurrency market globally. Currently, it is estimated that more than 700 Billion dollars are in the market capitalization of cryptocurrencies and it’s still rising continuously. In India, over 6 lakh users are believed to be involved in the transactions related to cryptocurrencies. The cryptocurrency is heavily dependent on the use of Blockchain technology, which aims to decentralize the entire world of data and information.
What exactly is Reliance Jio is doing currently?
Reliance Jio is soon going to hire a team of 50 experts of blockchain products. Mr. Akash Ambani is expected to be the leader of the Reliance Jio cryptocurrency project. He will be handling the key responsibilities, especially in the latest technology sector.
Along with cryptocurrency or maybe afterward, Reliance may soon jump in the field of IoTs or Internet of Things with the help of the same team. They will be aiming to build a smart home and products matching with the needs of the next generation.
Can Cryptocurrency Get Legalized in India?
The introduction of cryptocurrency by Reliance Jio gives rise to the suspicion that the Indian Government may legalize the usage of cryptocurrency in India. Till now, the Indian Government is just a bystander. The entry of Reliance Jio will make it a hugely trusted entity than it is now. The legalization may encourage the participation of the general users.
Indian Market will Become More Fierce
As Reliance Jio is expectedly going to use the blockchain technology for creating an innovative application, it will open doors for similar decentralized apps. In future, many other players may introduce themselves in the Indian cryptocurrency market, as it gets stabilized.
Growth of Reliance Jio with Time & Technology
If Reliance Jio successfully able to launch the cryptocurrency then it will be a huge boost for India’s cryptocurrency market which is estimated to be having worth more than $600 billion right now.
This introduction will bring a fresh wind of credibility regarding cryptocurrency in India. The government and the banks may have a different methodology to handle it, though currently, they seem to totally neutral or disinterested in encouraging its usage. Not only the banks but several other companies may adopt a new methodology for their work, giving space to cryptocurrency.
Also, due to use of Blockchain technology and IoT techniques, a new wave of the technological wave will get initiated and propagated with the launch of cryptocurrency by Reliance Jio.