Free Jio > Demonetisation | Jio Coin > Crypto Legal ?

[remedcu]

Just connecting the dots.

Before demonetisation, Jio offered free data & calls, spending old notes in buying up a lot of things for this.

Now, Jio announced JioCoin. Ofcourse it will be a utility token, rather than a security, they can use it up in all their apps, etc.

So, this announcement makes me think that, maybe crypto will be made legal in India.

Feb 1 2018, new budget will be announced, and maybe some details about Crypto and it's taxes as well.

[mihir]

Just connecting the dots.

Before demonetisation, Jio offered free data & calls, spending old notes in buying up a lot of things for this.

Now, Jio announced JioCoin. Ofcourse it will be a utility token, rather than a security, they can use it up in all their apps, etc.

So, this announcement makes me think that, maybe crypto will be made legal in India.

Feb 1 2018, new budget will be announced, and maybe some details about Crypto and it's taxes as well.

Can you share the announcement of JioCoin?

[remedcu]

Can you share the announcement of JioCoin?

These are some of the media coverage of the same, which you can get easily with a simple search:

https://www.thenewsminute.com/article/reliance-jio-plans-launch-its-own-cryptocurrency-jiocoin-74658

http://www.livemint.com/Companies/AzdrYmQhYnq0TPiDUbZcSO/Reliance-Jio-planning-its-own-cryptocurrency-called-JioCoin.html

https://inc42.com/buzz/reliance-jio-cryptocurrency-jiocoin/

http://www.businesstoday.in/current/economy-politics/mukesh-ambani-reliance-cryptocurrency-jiocoin-virtual-currencies/story/267914.html

As i said, it's an "announcement", and they may or may not change this in future.

[ahmad21]

Can you share the announcement of JioCoin?

These are some of the media coverage of the same, which you can get easily with a simple search:

https://www.thenewsminute.com/article/reliance-jio-plans-launch-its-own-cryptocurrency-jiocoin-74658

http://www.livemint.com/Companies/AzdrYmQhYnq0TPiDUbZcSO/Reliance-Jio-planning-its-own-cryptocurrency-called-JioCoin.html

https://inc42.com/buzz/reliance-jio-cryptocurrency-jiocoin/

http://www.businesstoday.in/current/economy-politics/mukesh-ambani-reliance-cryptocurrency-jiocoin-virtual-currencies/story/267914.html

As i said, it's an "announcement", and they may or may not change this in future.

News is from quite reliable sources JIO is planning to come up with jio coin. Project is being led by son of Mukesh Ambani but the project is still in its planning stage and no concrete steps have been taken in implementation but yes if there is slightest of chance that they will come with a crypto then India will surely the next crypto friendly country after Japan. But we still might have to wait a lot for the project to come in.

[kimochidesh]

Jumping of a big buss. tycoon in the crypto market who is said to have a close relationship with the country leaders will give confidence to the Indians to invest in crypto.
Mukesh Ambani always had a great vision while launching a project and knows how to earn huge profits from it by giving best and quality services/product. Investors all around the world believe in Reliance and are always eager to invest in it.

[remedcu]

Jumping of a big buss. tycoon in the crypto market who is said to have a close relationship with the country leaders will give confidence to the Indians to invest in crypto

True, and with a recent study, it was found that 10% of BTC transaction was from India, don't know if it's true or not, but if it is, and crypto is made legal, we can see next great push in price as well as in technology.

[bitcoinzen]

feb 1st we will confuse rules for Finance minister regarding crypto trading either it will legal or else completely understandable to general public Indian govt will keep us confused

[rawcrypt]

Lets see what they decide..? Expecting some clarity on this budget.. but I dont think we will have any till G20 summit and that too is not sure.

[remedcu]

Source: https://steemit.com/remedcu/@remedcu/india-budget-2018-19-or-arun-jaitley-finance-minister-of-india-on-cryptocurrency

As quoted by Arun Jaitley, Finance Minister of India about Blockchain & Cryptocurrency in India's budget 2018-19:

"Distributed Ledger System on the Blockchain Technology, allows organisation of any chain of records or transactions without the need of intermediateries.

The government does not consider Cryptocurrencies as legal tender or coin. And will take all measures to eliminate the use of these crypto assets in financing illegitamate activities or as a part of the payment system.

The government will explore use of blockchain technology proactively for ushering in a digital economy."