Before we set any unrealistic expectations let me tell you off the bat that this post is a speculative piece based on current information available in the public domain. Reliance is yet to confirm this officially but a top media house has reported recently that Reliance-India’s biggest conglomerate with assets valued over US$110 billion plans on launching it’s own blockchain and cryptocurrency.
This has sparked off a ton of articles on the subject with every other publication picking it off and writing their versions of it. Facebook groups were rife with discussions on the subject matter. The news essentially states that Reliance Jio-a top telecom company in India is building a 50-member team of young blockchain professionals to build their own blockchain technology and cryptocurrency.
Mukesh Ambani’s elder son Akash Ambani is expected to lead the JioCoin project. Ofcourse, Reliance has neither confirmed nor denied this reporting. Now, assuming this is real, and it very well be could be. Given the aggressive nature of Reliance’s expansion in the technology, mobile services domain in recent years, this could herald a change in government outlook and policy.
Here’s why: Reliance has a massive lobby and influence on the Indian politico. In the decades they’ve set up their businesses, various governments have come and gone. Reliance and its businesses have thrived and Mukesh Ambani the current heir to the family’s riches has gone on to become one of the richest people on earth.
I can’t say if all of this has resulted in good or bad but Reliance Industries holds a considerable grip on certain outcomes of government policies. Therefore, if anyone can force legislation to soften its stance on regulation of cryptocurrencies in India, then it would be the Reliance group.
Barring a few big hiccups, Reliance empire has grown to surpass any other in India. They have the wealth to back any project, the expertise as well as financial credibility. A blockchain project is no big deal for Reliance Jio if it infact its serious about it. As a cryptocurrency enthusiast I would love to see this happen as it would lead to a greater adoption of cryptocurrencies in India.
Reliance Jio is a household name. If JioCoin is launched it would see a high level of adoption in the country. If it causes a regulatory framework on cryptocurrencies to be put in place, it would also make it safer for all parties to transact.
Currently, there is ambiguity on purchase and sale as well as taxation on cryptocurrencies in India. The government continues to warn people of speculating in virtual currencies and has been arm-twisting exchanges and throttling their fund transfers. Hopefully, as the year progresses we will see a resolve.
I hope this JioCoin materializes as I would love to see how the market shapes up after that! This would certainly lead to an India after JioCoin and one that it left behind!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- India Steem Meetup #3—An AWESOME Meetup In Mangalore—The City Where It All Began!
- Let's Watch This Fun Video From India Steem Meetup #1—Jaipur Edition!
- Steemit.Chat Contest #14 + Contest #13 Winners Announcement!
India has a great share in cryptocurrencies holdings and if we can see an India coin to be launched, it will really give the Indians to get involved and become knowledgeable about it.
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For arguments sake lets assume this is true. The Indian government allowing some large corporate entity to operate its own blockchain/crypto isnt really a huge victory for the industry. Depending upon how his coin is distributed it may well be entirely centralized/controlled by Jio, in which case its just a glorified coupon system. The impact/effectivness of something like this (if it is true) will depend entirely upon Jio creating a distribution/governance system transparent and distributed enough so as to allow development of the crypto to happen organically, so it may be more than just virtual Jio coupons.
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Reliance Can do any thing. They have Jio Money since long and now they will start Jio coin. I guess it will be possible.
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its like a great things made
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Lets just hope it becomes true.
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Reliance Industries has still not made an official statement to this. And yes if they come up with Jiocoin, we shall definitely see mass adoption of crypto in the country.
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Well If this is true, they will shortly tax crypto and make it legal.
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Technically it’s not illegal to trade or hold crypto right now. It’s just that the Government is adoption a wait and watch policy, and will soon come up with some sort of regulation.
The question however remains that whether the Government will accept it as currency or not.
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Adopting it as a currency seems a bit far fetched right now, in the next 10 years or so, maybe, but then we don't really know what those currencies will be, integration of blockchain into our existing systems should happen in the next few years and could actually serve as a boon and I really don't think the govt would ban crypto simply cause of the revenue it brings.
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Andhra Pradesh’s Government has already embraced blockchain technology for real estate in the state. I am not concerned about adoption, what concerns me more is that the decentralised concept is not something the Government likes, as it snatches away the power from the few who actually control the economy.
It’s a revolution and this transition of power will definitely face resistance. Hope for the best.
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I heard they're making a blockchain university, read it in the news somewhere, telangana though probably.And not that I don't agree, which I do, the part where the govt. would't like decentralisation but as of now, it's just the taxes they'll get out of us trading would be a reason enough for them to not ban crypto.
and I second your opinion, revolution it is which will hopefully come soon to our governance system. much needed transparency for those who do understand what I am saying
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I have one major concern and that is, due to all this ambiguity, India is lagging behind in innovation. When I see good projects, normally the idea, conceptualization is done in China, USA, UK and if you check their development teams, you will invariably find Indians. But Indians are not at the helm even in such projects. Many Indian Origin people are bringing new projects to Blockchain, but they are not in India. India will lag behind if this continues
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I do hope it comes true.
This will be a blessing in disguise. The indian government which is known to have strong ties with the Reliance family won’t be able to ban cryptocurrency trading in india since their very own favorites are dealing in cryptocurrency now.
I don’t care honestly about the value of JioCoin or what technology they would work in, the problem they will likely solve but because they are entering the market, the government wouldn’t be able to ban cryptocurrency which would generate a lot of trust in the cryptocurrency Indian market which is still in its infancy stage.
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I have used the Jio mobile phone network and I can say imo its the best network in India, i was able to get really good coverage. Also it massively changed the industry as they launched a far superior service at a very low cost. Based on this, I think their venture into cryptocurrency could be very successful
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I do hope it comes true.
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I too believe that. My husband, who was a non-believer in crypto world, just because of regulations, is now enthusiastic, since he feels if Reliance will come in this space, no Indian government will ever shut it down.
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Jio completely changed the telecom industry in India. If the news about "Jiocoin" is true, it will surely make the government to place some clear regulations on the state of cryptocurrencies. Atleast I think it will.
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Nice post
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I hope the good things will come true.
If India regulated cryptocurrency trading then we will see something amazing happening in the digital world. India is a big country, the second biggest country in terms of population and very open to new technologies besides millions of Indians are active in digital currency trading, I hope I will see everything in the right way, and I wish I can see some big Indian based exchanges that could compete with south Korean ones. This is a wish but It might happen anytime soon.
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In addition to retailer and consumer demands, Mohapatra cites rising 4K adoption and proliferation of high-speed Internet courtesy Reliance Jio as indicators to bring in the new console. Considering the size of Xbox One X patch downloads, increased Internet speeds were a must for the console, as there’s no point bringing in the console if you don’t have the bandwidth to make full use of it. And of course, you want a 4K TV to make full use of the Xbox One X.
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Greater adoption of crypto currencies is always good, especially on a growing developing market with such a big potencial as India, hopefully the company succeeds and keeps it decentralized.
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Hello @firepower
We are all Indian hopeful for India will develop in crypto market. Jio coin will increase here cryptocerrency and it'll add new Indians on crypto market. I'm starts with @studentoftheyear here and try my best work on steemit. Namaste!!!
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With our government's obsession with cryptocurrencies, i doubt that the JioCoin project will go smoothly. 😅
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That would slightly change the government rules about crypto in india
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Yes sir @firepower .... As now I know a lot about crypto currencies and block chain , maybe not better than you , maybe a little but I do....and that's why jio is making me curious about its project on own cryptocurrency and block chain ... Great post...thanks :)
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Yes, I think it may be possible. And I hope Reliance launches the JioCoin India. Ambani's have a good rapport in India and are known to disrupt the Indian markets (a Most trustworthy company in India). There master plan about JIO network in India was marvelous and they are always coming with new schemes like JIOMoney, JIOMobile, JIOTv.
Not only Relaince but many banks like ICICI and YES Bank have already started assimilating the blockchain infrastrucute to their banking services.
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We expecting Nigerian to regulate such law
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Why does the government really want to regulate Crypto...? I ask this... Is it truly for the benefit of society or they have just their best interests at heart... I guess it's cool enough that they are warning people about putting money in schemes where they could lose their money, but I'd appreciate if they get more knowledge on the Crypto idea...
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INDIA need a crypto-coin Leader , may be JIO COIN is one & its good if they give some coin in ICO to there mobile users to promote this.
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Nice post i do not know about cryptocurrency but reading your post for few days it attracts me to the currency.will you please share more about this currency in simple way so that we beginners could learn about it.
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If anyone is new to this being a political science scholar, let me put more light to this.
It is more than a speculation. Ambani-Modi camaraderie is out in open to see when Jio took the telecom sector by a strong leader to large M&A among bigwigs!
If Reliance enters into Jiocoin territory, the cryptoanalysts in India can be sure of regulations of Cryptocurrencies in near future, @firepower.
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Hi @firepower
You must have seen the today's budget as Mr Jaitley says no Bitcoin and no cryptocurrency, what do you think about its future in India
I was thinking of starting mining but I am bit confused now what you say please suggest me something.
Regards @Crafter
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Let's cross fingers &hope everything goes well.As mining is emerging as a new carrier in India,many people have invested there whole capital💰 In it
So know if it gets banned,there will be a huge loss
Let's pray for Good to God.
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@firepower for the fact that Reliance Jio is a house hold name,as regards telecummunication which I have experience in how can Their crypto coin be link to There services?, e.g gas,the more gas people buy,the more productive it's coin ,etc,please kindly respond.all so please find time to read my post, it's quiet inspiring.
https://steemit.com/untalented-adjustments/@franklan3386/untalented-adjustment-contest-2-my-life-before-and-after-steemit-96cb754d1f5f3
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Nice post bro..
I think it will give sucess
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Extraordinary
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Lot of people will end up losing money. Only benefit I can imagine is that it will provide publicity for cryptos. They have not provided any information but only speculations in media. Crypto currency market is nascent and can accommodate a lot of players. But I am interested to know if they provide any new use case or tend to be another shit coin.
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excellent post really good news the way you are giving a good message to the world.
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great writeup and wonderful facts,you are on the right track,keep it up
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This is definitely a welcome move
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I will be frank and straight forward that's Mr Ambani he can make anything possible in any field just Like jio did to Isp, jio coin can do to bitcoin and other cryptocurrencies
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Great news!! Crypto would be great for India, imagine all of those people who do not have access to a bank but they have access to a phone #securingtheirmoney
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extraordinary
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Woow...
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Spirit and move on
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Woww sangat luar biasa jika ini jadi kenyataan
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Hey i upvote ur post
Can u upvote my post plzzz
I need help plz doo it
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I think that the regulations will begin to take shape when the government can figure out how to get their cut of the profits. It's not so much a matter if if but when.
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If Reliance launch cryptocurrency, then Indian Government would support it, because Reliance can do anything in India as 2019 Loksabha election is coming and Reliance is one of the main corporate that providing huge funding in Campaign for all the major parties in India. If they put their hands on this industry, I am damn sure that they will rule this Industry within 2-3 years, but the truth is, they have not confirmed this news officially.
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Yesterday I too was scouring the Internet to find info about Jio Coin. Here's what I found
Infact Reliance offered a statement that they haven't launched any website and any website claiming otherwise is fake.
Though I agree that if this website is launched, the ruling party may buy truckloads of JioCoins themselves to make Ambani's venture successful ;)
Interesting times ahead
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That would be really epic.
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I dont think the coin will be powerfull but due to brand name like ambani gonna make huge gains and popularity .
But overall a nice move towards digital india
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I think the Reliance company can believe in the crypto currency, but the Indian government will recognize the crypto currency first, then Reliance company will encourage crypto.
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This is great news I believe india will benefit from it
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I am more interested in figuring out whether or not the blockchain woud be decentralized and allow Dapps to be built on top of it. If it is open for Developers, this could mean a whole new chapter for India. Developers including myself would love to create apps on top of it.
India's overseas development talent might eye India which is right now completely targeting overseas opportunities.
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When it comes to Ambani Everything is Possible and he has proved it again & again!!This will be a boom in our Indian market !!
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I had already gone through some of the topics about the launching of crypto coin by reliance group, it is indeed a very happy News for us. Yes Indian government everytime bow down their arm in front of great industrialists, if Mr mukesh ambani, will do the great job than, it is very good news for us. Thanks, wish you a very beautiful time ahead my friend, Happy steeming.
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If this is the coin for India then bring it in, I'll support the hell out of this because GOOD INTENTIONS and the name, of course brings in the people and it is bound to grow.
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Powerrrrrr!!!
Also I frankly feel that anything the Reliance does, it spreads like wild fire. They must have taken the odds into place. JIOCoin might just be the currency for indian users. Also RBI would take a peek at it and it would be full of regulations, Of course!
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i like this brother..
i give upvote for you
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I think our country has same backwood vision. How poor we are. I know what you feel bro. Peace from Indonesian
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cool
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Hey Meghan, did you also come across anyone who's facing this problem? Banks Pulling the Plug on Crypto Transactions in India
This is arm twisting of the lowest level if government is resorting to such tactics. Looks like an indirect order from RBI guys to hold everything related to crypto.
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Great article! Check my blog to read my new post about cryptocurrencies!
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i personally think that its not gonna happen in near future , its just a rumor around ,in Indian CryptoCurrency market to gain the attention of indian users in cryptocurrency. As Jio is very popular telecom company in India with biggest telecome subscriber base .
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In my opinion India has very strict rules when it come to Cryptocurrency.... They should have to change that to be successful.
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no road maps , no white , what kind of technology they adapting for this coin i think all just rumors .There should be good team and vision should be there to establish a crypto based company.
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this is great.
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i am new here .please support my every post please , firepower
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Hello @firepower... Can you help me to grow... We need some supports..
https://steemit.com/introduceyourself/@kalyani/it-s-a-pleasure-to-join-the-community-hello-from-india
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I remember reading about this Mukesh guy as the guy with the biggest house in the world!!
It will be great news for India if there proposed plan comes to fruition, as it would force the government to be soft on cryptos as the richest man is dealing in it !
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If this is true then crypto will be a household name in India and young Indians will be benefitted from it as they will be the first to react.
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please vote my every post.i am new on steem
😠😠😠😠😠😠😠😠
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rumers of JIO coins has been going on for some time now. some time ago there was a another one that RBI is planning it's own crypto currency named LAXMI coin. let's see how everything works out.
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Hi @firepower... I even came to know from some local news paper last week that in Hyderabad, they are planning to start some technical courses about this crypto currency, from next academic year!! :)
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Nice Post Bro @firepower/
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hello your friends posting good, please help me so I can earn income from steemit, because I am in distress friend. I just dropped out of a friend's work, it's hard to get a job back. so I want to deepen steemit
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You Got an upvote because this content is good and must be upvoted .
(This reply for the good contents only ) Keep going .
We all working for the good content any good content will be upvoted :)
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It looks like it might be true and if it is, it should only be good as no more can anyone ignore the need to have an open discussion regarding crypto currency and come up with some regulations
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https://steemit.com/indonesia/@yudiazwir/legenda-terjadinya-suatu-tempat-di-daerah-aceh
Jgn lupa vote and komentarnya, thanks
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https://steemit.com/indonesia/@yudiazwir/fenomena-supermoon-hiasi-langit-aceh
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Its not a big deal for Reliance to dream of any thing in India. Yes jio coin could be the next big thing in Crypto, no doubts
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Great work keep it up
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amazing post
@ahmadzikrillah
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Nice post. Thanks for keeping us all updated. I have a question about APPICS (I am a photographer obviously) and what you think of the ICO?
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hello bro i saw one of your post saying you donated $1300 to the needy around you its a nice project and God will richly bless you for your kind work, i'm also into that nice meeting you.
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its is good if jio coin launched in india. i would like to buy to support them
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Reliance .. mean we can reliance{trust} on them.
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Great news.
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I think it's time to change money type and reliance do diffrent and amazing .
I hope we early looks jio coin.
Namaste
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Its very uncertain environment at this time in India with regards to crypto currency trading. While Reliance might adopt crypto technology, doesn't actually mean they are going to release a coin. At least no official confirmation yet!
#kondojis
https://steemit.com/blog/@kondojis/youtube-raises-the-bar
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Failure is simply the opportunity to begin again. This time more intelligently, Believe in yourself and there will come a day when others will have no choice but to believe with you. I love your union and words of encouragement to one another to make this community a better place for one another. I'm a newbies I hope to meets good and wonderful people like you all cheers?
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Interesting post! It would be nice if you follow me too
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I do hope it comes true.
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Great post
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thats true
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This would infact be quite wonderful to see happen as it would lead to a lot of clarity and control of chaos regarding crytocurrencies in India and a lot of people would be able to earn a living because of this in India. However, this is just my opinion of it and everyone here is free to agree or disagree. Please do let me know about your thoughts on this anyone who reads this. Last but not the least have a nice day 😁.
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Not so sure about this. I will talk with some friends in India tomorrow to find out what they are hearing.
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Jio coming to crypto market is a win win for crypto investers like us. If they enter the market than govt would have to(willingly or unwillingly) make some policies around it and we all know it will be something favoring the Reliance group only.
However like most times we Indians are quite ahead in making scams. I've already got spam email asking me to follow the link to buy jio coins. Maybe it's this thing our govt is worried about and advising everyone to avoid getting into Ponzi schemes.
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