Best time is coming for Cryptocurrency. (Bitcoin )
Two Important News For Cryptocurrency....
1. Reliance Jio planning own cryptocurrency called JioCoin
2.No Cryptocurrency Trading Ban in South Korea
1. After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin.
With Mukesh Ambani’s elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said on condition of anonymity.
Blockchain is a digital ledger for storing data including, but not limited to, financial transactions. In simple terms, blockchain decentralizes information without it being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
The most popular application of the technology has undoubtedly been cryptocurrency, and Reliance Jio also plans to create its own version called JioCoin.
“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” the person cited above said, adding that all of this was “in proposal stage”.
An email sent to Reliance Jio seeking a response remained unanswered till press time.
“Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there,” the person said.
IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labelling each block of data.
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue.
“A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” Jaitley said, adding that the government does not consider cryptocurrencies to be legal tender.
Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges.
2. OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says : -
The Blue House, the executive office and official residence of the South Korean President, has announced that there will be no cryptocurrency trading ban in the short-term.
No ban, all FUD
The South Korean government’s official announcement came after a massive backlash and criticism against the Ministry of Justice, which independently announced its plans of banning cryptocurrency trading. The Ministry did this without the consent of the Ministry of Strategy and Justice and other government agencies involved in the South Korean cryptocurrency regulation task force.
According to the Blue House, more than 60,000 citizens voted in a petition to fire the head of the Ministry of Justice Park Sang-ki, who released a premature statement earlier today, on January 11, that the government will implement a policy to shut down cryptocurrency trading.
Almost immediately after Minister Park released his statement, the Ministry of Strategy and Finance emphasized that it does not support or agree with the decision of the Ministry of Justice to ban cryptocurrency trading. It also added that the Ministry of Strategy and Finance only found out about the statement of Minister Park through media reports, and the decision to ban cryptocurrency trading was not agreed upon by the task force.
World's best cryptocurrency exchange binance refferal link-
https://www.binance.com/?ref=16299192
Click here to create Indian 1st multi cryptocurrency wallet (Koinex)-
https://koinex.in/?ref=a15617
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Two Important News For Cryptocurrency....
1. Reliance Jio planning own cryptocurrency called JioCoin
2.No Cryptocurrency Trading Ban in South Korea
1. After disrupting the telecom sector with its free offers and hyper-competitive tariffs, Reliance Jio Infocomm Ltd plans to create its own cyptocurrency, JioCoin.
With Mukesh Ambani’s elder son Akash Ambani leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain technology, which can also be used to develop applications such as smart contracts and supply chain management logistics.
“The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” a person familiar with the development said on condition of anonymity.
Blockchain is a digital ledger for storing data including, but not limited to, financial transactions. In simple terms, blockchain decentralizes information without it being copied. The information is held on blockchain through a shared database which can be accessed on a real-time basis. This database is not stored on physical servers but on the cloud, which makes it easy to store unlimited data.
The most popular application of the technology has undoubtedly been cryptocurrency, and Reliance Jio also plans to create its own version called JioCoin.
“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” the person cited above said, adding that all of this was “in proposal stage”.
An email sent to Reliance Jio seeking a response remained unanswered till press time.
“Reliance Jio also aspires to get into Internet of Things (IoT). Blockchain technology would come in handy there,” the person said.
IoT is a network of devices such as smartphones, wearable devices, home appliances and vehicles, connected to the internet, which enables these objects to connect and exchange data. Experts have also pointed out that blockchain could potentially address security risks to IoT as it provides a shield against data tampering by labelling each block of data.
Significantly, the Indian government has cautioned against cryptocurrencies, stating that virtual currencies were not backed by assets and posed risks such as money laundering. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue.
“A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken,” Jaitley said, adding that the government does not consider cryptocurrencies to be legal tender.
Bitcoin and other cryptocurrencies have come under the scanner of governments across the world as their soaring prices attracted speculators and unsophisticated retail investors in droves. On Thursday, Bitcoin dropped as much as 12% to $12,801, its lowest since Christmas day, as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges.
2. OFFICIAL: No Cryptocurrency Trading Ban in South Korea, Government Says : -
The Blue House, the executive office and official residence of the South Korean President, has announced that there will be no cryptocurrency trading ban in the short-term.
No ban, all FUD
The South Korean government’s official announcement came after a massive backlash and criticism against the Ministry of Justice, which independently announced its plans of banning cryptocurrency trading. The Ministry did this without the consent of the Ministry of Strategy and Justice and other government agencies involved in the South Korean cryptocurrency regulation task force.
According to the Blue House, more than 60,000 citizens voted in a petition to fire the head of the Ministry of Justice Park Sang-ki, who released a premature statement earlier today, on January 11, that the government will implement a policy to shut down cryptocurrency trading.
Almost immediately after Minister Park released his statement, the Ministry of Strategy and Finance emphasized that it does not support or agree with the decision of the Ministry of Justice to ban cryptocurrency trading. It also added that the Ministry of Strategy and Finance only found out about the statement of Minister Park through media reports, and the decision to ban cryptocurrency trading was not agreed upon by the task force.
World's best cryptocurrency exchange binance refferal link-
https://www.binance.com/?ref=16299192
Click here to create Indian 1st multi cryptocurrency wallet (Koinex)-
https://koinex.in/?ref=a15617
Subscribe, Comment, Like and share this video to support UBP Smart Gurukul.
Thanks and regards,
UBP Smart Gurukul
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