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Author Topic: India's largest company Reliance planning for its own virtual currency  (Read 87 times)
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January 14, 2018, 04:55:51 PM
Last edit: March 17, 2018, 06:59:59 PM by avikz
 #1

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.html

Share your thoughts!

Edit: This news is a rumour and Reliance is not venturing into crypro market space now.

https://gadgets.ndtv.com/apps/news/jio-cryptocurrency-app-jiocoin-launch-fake-1807127

Please ignore the thread.


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February 13, 2018, 09:18:12 AM
 #2

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.html

Share 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.
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February 13, 2018, 11:07:53 AM
 #3

Have no points regarding the topic, but I guess this thread does not belong to this section. It has nothing to do with Legality, but it is more of a discussion. So maybe you should take it out from this Child board and post it in Bitcoin Discussion.

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February 13, 2018, 11:22:51 AM
 #4

Have no points regarding the topic, but I guess this thread does not belong to this section. It has nothing to do with Legality, but it is more of a discussion. So maybe you should take it out from this Child board and post it in Bitcoin Discussion.

It has a very strong relation with Legality. Imagine if the India's biggest company launches its own coin in a fully transparent manner. Here transparent means, you know the founder and the real persons behind it, you know the financial background of the company promoting it. The value will immediately go to moon.

But if it really happens, Reliance group will strongly push the government to legalize the Cryptocurrency in India. The Indian government is still taking the middle route and didn't ban it yet. If Reliance steps in to this business, bitcoin will eventually be legalized along with it. So it's a hope for the crypto community of India for sure. That's how it's related to legal.

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February 13, 2018, 04:40:57 PM
 #5

Just like other countries such as China it is not something unusual nowadays that they want to release their own coin as they also want to have a virtual currency on their own that they can be proud of, but it won't be an easy step to do just like when bitcoin has launched, but if my country will have its own I'll support but still bitcoin is my priority.

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February 13, 2018, 06:07:28 PM
 #6

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.html

Share your thoughts!

These are the rumors and reliance has denied the same, they have no intentions to launch the jio coin or any other cryptocurrency at this moment. Reliance is a reputed company and they will never go against the government's policies; ndian government has refused to accept cryptos as legal tender.
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February 13, 2018, 06:47:25 PM
 #7

Interesting news, since government action towards Bitcoin/cryptocurrency isn't that good and i doubt they'd like India's company make their own cryptocurrency. I would bet they will make their own cryptocurrency, but not decentralized/anonymous OR they only let user send Rupee through their services which uses Blockchain technology.

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February 13, 2018, 09:19:05 PM
 #8

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.html

Share your thoughts!

These are the rumors and reliance has denied the same, they have no intentions to launch the jio coin or any other cryptocurrency at this moment. Reliance is a reputed company and they will never go against the government's policies; ndian government has refused to accept cryptos as legal tender.

Thanks for the update. It is indeed a rumour. A little google search revealed the truth. I have updated the main thread.

Reference news link:
https://gadgets.ndtv.com/apps/news/jio-cryptocurrency-app-jiocoin-launch-fake-1807127

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February 13, 2018, 10:35:23 PM
Last edit: February 14, 2018, 02:40:22 PM by dogandogru
 #9

Mukesh Ambani has denied all such rumours of creating their own crypto-currency called JIO coin. It was Just a FUD created by some crypto-enthusiasts to boom the Indian crypto-market. But somehow, Mukesh Ambani himself came out with a clarification that Reliance never had such plans of launching JIO coin or any other crypto-related project.
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March 14, 2018, 10:19:23 AM
 #10

Just wasted my time while looking through this. Luckily. I saw the remark saying that all this news turned out to be fake.
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March 17, 2018, 06:53:53 PM
 #11

That was a good news in India, I salute that country because they do have the ability to unite as one so that their country will become successful, a lot of people their were so smart that is why they are using it so that they can now put themselves together as one and lift their company up too.

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March 18, 2018, 12:57:08 PM
 #12

Have no points regarding the topic, but I guess this thread does not belong to this section. It has nothing to do with Legality, but it is more of a discussion. So maybe you should take it out from this Child board and post it in Bitcoin Discussion.

It has a very strong relation with Legality. Imagine if the India's biggest company launches its own coin in a fully transparent manner. Here transparent means, you know the founder and the real persons behind it, you know the financial background of the company promoting it. The value will immediately go to moon.

But if it really happens, Reliance group will strongly push the government to legalize the Cryptocurrency in India. The Indian government is still taking the middle route and didn't ban it yet. If Reliance steps in to this business, bitcoin will eventually be legalized along with it. So it's a hope for the crypto community of India for sure. That's how it's related to legal.

Last week's main personality from Reliance group has spoken out in the media about blockchain and its benefits for almost half an hour. Its not rumour. I assume by 2019 end, Reliance would probably launchits own crypto currency. As you know, now the gorvernment is behind Reliance and Reliance is fully supporting the leader. Election will take place next year. If the same leader will rule the chair once again, then certainly Jiocoin will be launched by 2020. No doubt in it.

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April 06, 2018, 10:28:35 PM
 #13

Unfortunately, Indian authorities don't support nice and future-oriented ideas, they want to ban something they have no idea about. It is very sad, to be honest
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April 07, 2018, 06:07:26 AM
 #14

Unfortunately, Indian authorities don't support nice and future-oriented ideas, they want to ban something they have no idea about. It is very sad, to be honest

It is because they think only things which can be regulated can be part of their country strategy or allow them to legalize it. So in such circumstance the government and banking institution are going to create a coin which only would be legal in their country.
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