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Reliance denies rumor about JioCoin

Reliance denies rumor about JioCoin

It has been official now that Reliance is not coming out with any cryptocurrency like JioCoin. The company categorically denied having any plans to launch digital currency instrument as of now. The rapidly growing telecom firm termed reports in the websites as fake and advised investors not to take cognizance of it. Following the growing acceptance of Bitcoin and other digital currency, reports started emanating from the web portals of an imminent launch of JioCoin.

Apps On The Internet

Of late, there are a number of fake apps that are doing the rounds attracting several users to such portals. As a result, Reliance Jio has been forced to announce a disclaimer notification and revealed that such apps are not authentic at all. Interestingly, the company pointed out that the apps crossed 10,000 marks in downloads.

In a statement, the telecom service provider stated,

“Reliance Jio has come across reports in media and other websites about the existence of purported JioCoin Apps on the Internet that are soliciting investments in cryptocurrencies from people. Reliance Jio would like to inform the public and media that there are no such apps offered by the company or its affiliates/associates.”

Therefore, the company termed such apps as fake and advised investors to refrain from dealing with such apps using the JoiCoin name.

Users Information

Reliance Jio information came amidst some of the apps, as well as, websites seeking information from users like email address and the name of the user. Such websites looked like an official website. The key factor that will lure investors is the icon of Reliance Industries Limited in such alleged fake websites. The clarification came on the backdrop of several nations tightening their screws on digital currencies trading. That included fresh rules and regulations to govern them.

Reports Looked Like Real

The significant factor for investors to believe is that such reports claimed about a 50-member team consisting of young professionals. The team was alleged to have been led by the company chairman Mukesh Ambani’s elder son, Akash Ambani. The team’s average age was reported to be around 25 years, and these were supposed to work on several other projects that could come out with the help of blockchain technology. However, there were no other details on the further course of action taken by the telecom firm.

The disclaimer notification comes on the heels of a number of cryptocurrencies entering the market in the last few years. That was primarily due to the investors’ attention turning towards new age financial instruments. In Indian currency, Bitcoin reached as high as Rs.1.4 million in December. However, the digital currency has plunged to nearly half now thus causing concerns about the safety of money.

Government Warning

For its part, the Indian government issued its warning advising investors not to trade in such virtual currencies. Policymakers around the world are worried about the growing importance is given to the digital currencies despite warnings. The governments like South Korea have tightened their screws thus yielding a significant amount of money in their surveillance of illegal trading that was ultimate leads to money laundering.

Therefore, the Indian government is also worried about the digital currency being used as a tool for money laundering.

About the author

Leon Gaban

FullStack Developer, Cryptocurrency Investor & Global Citizen who wandered into Blockstream, and is currently trying to produce a prototype and spec for bitcoin lightning. To know more about Leon, follow him on Twitter.

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