Before we set any unrealistic expectations let me tell you off the bat that this post is a speculative piece based on current information available in the public domain. Reliance is yet to confirm this officially but a top media house has reported recently that Reliance-India’s biggest conglomerate with assets valued over US$110 billion plans on launching it’s own blockchain and cryptocurrency.
This has sparked off a ton of articles on the subject with every other publication picking it off and writing their versions of it. Facebook groups were rife with discussions on the subject matter. The news essentially states that Reliance Jio-a top telecom company in India is building a 50-member team of young blockchain professionals to build their own blockchain technology and cryptocurrency.
Mukesh Ambani’s elder son Akash Ambani is expected to lead the JioCoin project. Ofcourse, Reliance has neither confirmed nor denied this reporting. Now, assuming this is real, and it very well be could be. Given the aggressive nature of Reliance’s expansion in the technology, mobile services domain in recent years, this could herald a change in government outlook and policy.
Here’s why: Reliance has a massive lobby and influence on the Indian politico. In the decades they’ve set up their businesses, various governments have come and gone. Reliance and its businesses have thrived and Mukesh Ambani the current heir to the family’s riches has gone on to become one of the richest people on earth.
I can’t say if all of this has resulted in good or bad but Reliance Industries holds a considerable grip on certain outcomes of government policies. Therefore, if anyone can force legislation to soften its stance on regulation of cryptocurrencies in India, then it would be the Reliance group.
Barring a few big hiccups, Reliance empire has grown to surpass any other in India. They have the wealth to back any project, the expertise as well as financial credibility. A blockchain project is no big deal for Reliance Jio if it infact its serious about it. As a cryptocurrency enthusiast I would love to see this happen as it would lead to a greater adoption of cryptocurrencies in India.
Reliance Jio is a household name. If JioCoin is launched it would see a high level of adoption in the country. If it causes a regulatory framework on cryptocurrencies to be put in place, it would also make it safer for all parties to transact.
Currently, there is ambiguity on purchase and sale as well as taxation on cryptocurrencies in India. The government continues to warn people of speculating in virtual currencies and has been arm-twisting exchanges and throttling their fund transfers. Hopefully, as the year progresses we will see a resolve.
I hope this JioCoin materializes as I would love to see how the market shapes up after that! This would certainly lead to an India after JioCoin and one that it left behind!
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