Reliance will launch own cryptocurrency JioCoin . Will government allow it?January 13, 2018
Finance Minister Arun Jaitley told parliament to parliament that Mukesh Ambani-led Reliance Jio plans to launch its own virtual currency (JioCoin) that there is no legal agreement in India. Reliance Jio, headed by Mukesh Ambani, plans to introduce his own virtual currencies after weeks after Finance Minister Arun Jaitley presented to Parliament that there is no legal tender in India – JioCoin.
According to a new report, Reliance plans to hire 50 young people to work in Blackhorn technology. Blackhaven technology is a distributed digital ledger, where transactions made in cryptocurrencies are chronologically and publicly recorded.
“There are many applications of blackhine (for the company), and the team will work on various preventive products,” a report cited.
When the JioCoin project was in the initial stage, Reliance Jio told the official daily officer about how to use the new technology. He said: “It can be used in supply chain management systems, whereas the points of belief are entirely based on JioCoin.” Mukesh Ambani launches new initiative led by Ambani’s son Akash Ambani.
Fifteen fifteen days after the Finance Ministry, this statement clearly indicates that the creation of virtual currencies to be paid by the Central Bank or Monetary Authority is not recognized by trade or use.
Finance Ministry Arun Jaitley outlines the fact that virtual currencies including Pitcairn have no inherent value and are not supported by any assets.
Strategies are not a legal contract, he said those involved in such transactions are at their own risk. Recently, a study was conducted in nine major cryptocarren transactions to analyze income tax evasion events. The tax evasion shows that there are 6 lakh active businessmen in the country.
Last month, the Reserve Bank issued its third warning, reminding investors its previous concerns. In its earlier warnings, the RPI did not grant any entitlement to any entity or contract with bitwoven or virtual currency. Under the Economic Affairs Secretary, the government has already appealed to all issues related to Critiko Karance and proposed specific measures to be taken.
There are currently over 1300 virtual currencies around the world. India has detected 11 transactions that handle virtual currencies.
Why do the Reserve Bank and the government think that the investors are in danger?
The virtual currency in digital form is stored in digital-electronic media, which are called electronic wallets. Therefore, they are prone to losses from hacking, loss password, access credentials, malware attacks etc. Permanent loss of VCs in the event that they are created or traded by any recognized central registry or company may result in loss of electrical power.
The fees paid by the virtual currency operate on a synergistic basis without a central agency that is authorized to regulate such payments. There is no structure for the assistance to customer problems / contradictions / charge backbones.
There is no base or support for any property for the virtual currency. So, their value seems to be a matter of speculation. The great change in the value of such a currency – in this case is observed in bitcoin-lately. Thus, users have made possible losses due to this dynamic value.
So far, cryptocurrencies are trading on transfer platforms set up in various legal limits and its legal status is also not clear. Therefore, virtual currency traders have shown legal and financial risks in these operating systems.
It is reported that the use of digital currencies is often used for illegal and illegal activities. In the unnamed anti-fake monetary systems, the parties may not be able to mislead the money that they are being paid and oppose the financial support of terrorist laws.