As the subject line says, India's largest company Reliance planning for its own virtual currency in the brand name of Jio Coin. Even though the company didn't release any official notification regarding it, but big business newspapers have reported this news on Last Friday (1/12).
The concern is, India has not yet made bitcoin or any crypto currency a legal tender. A committee is formed by the finance department and they are still debating on the potential outcome. But if Reliance launches its own virtual currency like Kodak is doing, do you think India will make bitcoin a legal tender? What kind of implication Jio Coin will have on Indian crypto community?
The news:
http://www.businesstoday.in/current/economy-politics/mukesh-ambani-reliance-cryptocurrency-jiocoin-virtual-currencies/story/267914.htmlShare your thoughts!
If Reliance launches its own virtual currency, I believe that eventually it will become legal especially if there is someone who is transparent about it. Bitcoin founder is still anonymous it is just by the name Satoshi but he is unknown until now. If Reliance will operate like bitcoin so everything will be put in order and in place. Legality will be realized and crypto currency will have it regulations as in India as the initiator. It is good news then, right? So negative talks about crypto currency will be stopped or diminished.