Indian Bitcoin :

We will have our own Bitcoin in India , according to reports Reliance Industries led company Reliance Jio is going to Launch a Cryptocurrency which will be probably called “Jio Bitcoin” .

According to a report published on a E-Paper website Mint, Reliance plans to hire 50 young professionals underage 25 years to work on Blockchain technology under the leadership of Aakash Ambani. Blockchain technology is the technology under which transactions of Bitcoins are made, recorded chronologically and publicly.

This Jio Bitcoin plan is in starting stage now. There is no confirmation from reliance that how Reliance Jio will use this new technology. We wrote an email to Reliance Jio seeking a response on this topic.

Indian Government on Bitcoin :

According to Reserve Bank Of India and the Finance Minister Of Indian Government Bitcoin is illegal in India. Those who are buying and selling Bitcoins they are doing at their own risk. On 2 January, finance minister Arun Jaitley told the Rajya Sabha that the government was still studying the issue of Bitcoin and they will present the report soon.

Recently, the Income Tax department raided so many trading locations in top cities of India. The Income Tax Department of India found that there are aroung 6 Lakh active Bitcoin Traders in the Country .

Read more at: Reserve Bank of India Issues new ₹ 10 notes

Currently there are around 1300 virtual currencies operational worldwide. Day by day this numbers is still increasing as the Bitcoin is in Demand Now. Last month , the Reserve Bank of India again issued a warning reminding the investors who trade in Bitcoin . The Government is saying that there is not any licence or authorization to operate such offers , deals with Bitcoins or any kind of Cryptocurrencies . The Government has constructed a panel to work on the issues related to Bitcoin and other Cryptocurrencies.

 

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