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At the same time, Reliance Jio is also planning to make JioCoin its own version. The unidentified official said the team will build the blockchain technology for JioCoin. There are multiple applications of blockchain (for the company). Following this, Reliance Jio is planning to invest in this sector.

Mukesh Ambani's older son Akash Ambani will lead the JioCoin project, and a 50-member team of young professionals will work on the blockchain technology required for the currency, the report said.

Ambani's Reliance Jio Infocomm reportedly plans to create its own cryptocurrency, although the idea is still at the "proposal stage".

The blockchain product on which young professional will work is a digital ledger for storing data which also includes financial transactions. To simplify, it decentralizes information without it being copied and is managed by a peer-to-peer network. This data is stored on the cloud instead of storing on physical servers. While blockchain technology has many aspects, cryptocurrency is one of its most popular applications. It can be used in supply chain management logistics. "Loyalty points could altogether be based on JioCoin", the person added.

On one hand, the investment in cryptocurrencies is coming under the radar of Indian government, India's largest corporate conglomerate is planning to launch its own cryptocurrency named JioCoin in the near future.

IoT is a system of gadgets, such as, Smartphones, wearable gadgets, home machines and vehicles, associated with the web, which empowers these articles to interface and trade information.

Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering.

Recently it was reported that many Indian Bitcoin exchanges have been facing difficulties with INR withdrawals as Indian banks had been blocking payments and withdrawals by bitcoin exchanges. The price of Bitcoin and other VCs, therefore, is entirely a matter of mere speculation resulting in spurt and volatility in their prices.

Earlier this month, Union Finance Minister Arun Jaitley said in Rajya Sabha that the government was still studying the issue but clearly stated that it does not consider cryptocurrencies to be legal tender.