Reliance Jio Launched JioCoin and App of Cryptocurrency: Fact Check


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Picture about Reliance Jio Launched JioCoin and App of Cryptocurrency
Reliance Jio Launched JioCoin and App of Cryptocurrency

Story:

Reliance Jio launched JioCoin, a Cryptocurrency similar to BitCoin.

Other Versions

Reliance Jio launched Jio Coin app to invest in crypto currencies.

Picture about Reliance Jio Launched JioCoin and App of Cryptocurrency
Reliance Jio Launched JioCoin and App of Cryptocurrency

Fact Check:

Certain stories appearing online in various forms purport that Reliance Jio Launched JioCoin and App of Cryptocurrency, similar to Bitcoin. There were also reports of digital currency apps in the name of JioCoin soliciting investments from people. Beware, as of this writing, Reliance Company has not launched JioCoin or any official App related to it.

Picture about Reliance Jio Launched JioCoin and App of Cryptocurrency
Reliance Jio Launched JioCoin and App of Cryptocurrency

Did Reliance Jio Launch JioCoin?

In early Jan 2018, certain websites like livemint reported that Reliance Jio Infocomm Ltd is planning to create its own cryptocurrency called JioCoin. Accordingly, the project would be led by Akash Ambani, son of Mukesh Ambani. And a mandate of a 50-member team would be working on blockchain technology. However, the reports also said the plans are “in proposal stage”. As of this writing, there is no official information about it.

On the other hand, Governments across the world have been examining Bitcoin and other cryptocurrencies. That is because of their soaring prices and lot of investors. Significantly, the Indian Government has cautioned against cryptocurrencies, and does not consider them to be legal tender. The virtual currencies did not carry assets and had posed risks like money laundering.

About JioCoin Apps

After the reports of alleged launch of JioCoin, certain websites mentioned the existence of JioCoin Apps, soliciting investments in crypto currency from people. Notably, some fake apps touting as official JioCoin wallets and apps also appeared on Google Play Store. Fake websites like reliance-jiocoin.com (taken down later) stated the JioCoin will have a launch price of Rs 100 per coin. The website was specifically designed to look like the official website of Reliance Industries Limited (RIL), complete with their icon. A 29 Jan 2018 article on The Economic Times website economictimes.indiatimes.com reported of at least 22 fake apps on Play Store that had JioCoin in their name, available for download.

In effect of rise in apps in the name of JioCoin, Reliance Company issued a statement denying the launch of any digital currency app in the name of their allegedly upcoming cryptocurrency, JioCoin.

Reliance Jio would like to inform the public and media that there are no such apps offered by the company or its affiliates/ associates. Any such apps using the JioCoin name are fake and people are advised to refrain from dealing with any of them.

Pointing to the fake apps in the name of JioCoin, security experts warned users not to download them. Such fake apps steal personal data; they can also come with malware. Beware of such scam apps.

Hoax or Fact:

Hoax and a Scam.


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Prashanth Damarla
Debunker

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