Reliance JioCoin: Fake website pops up after proposed cryptocurrency plans

Reliance Jio is yet to confirm its plans for cryptocurrency or blockchain technology in India and before that the false website has showed up.

  • Published: January 25, 2018 9:36 AM IST

It has been barely two weeks since reports arrived about Reliance Jio‘s possible plans of venturing into cryptocurrency and a fake website seeking consumer details for registration has already popped up on the internet. The website is reportedly asking for information including name and email address.

The website, which goes by the URL, has been designed to look like an official website, complete with the icon of Reliance Industries Limited (RIL) – the parent organization of Jio. At the time of writing, the URL was inaccessible and the cached version was also not available. This could be due to the pulling down of the fake website.

According to a report on ET, the website claimed the JioCoin to have a launch price of Rs 100 per coin. It is worth mentioning that the company hasn’t officially spoken so far about getting into the highly lucrative cryptocurrency business, and there have been only reports so far, which haven’t been acknowledged or confirmed by the company yet.

Earlier this month, sources aware of the company’s purported plans claimed that a 50-member team of young professionals will be led by Mukesh Ambani’s elder son Akash Ambani to work on the JioCoin project. These professionals, with an average age of 25 years, will work on various products arising out of the complex blockchain technology.

One of the possible use cases with the blockchain technology, other than mining cryptocurrency is to deploy smart contracts. It can be used in supply chain management logistics, or have loyalty points based on the technology. All this was reported to be in a ‘proposal stage’.

Blockchain technology essentially decentralizes information without it being copied and is managed by a peer-to-peer network. The information held on blockchain can be accessed on a real-time basis. The biggest success out of the technology is Bitcoin which gained one of its highest valuation back in 2017 of over $20,000 per unit.

  • Published Date: January 25, 2018 9:36 AM IST