Mumbai, January 13: According to reports, Reliance Jio is planning to launch its own cryptocurrency called JioCoin. The project will be led by Mukesh Ambani’s son, Akash Ambani. Akash, reportedly, will lead a 50-member team to develop India’s very own digital currency. This will be the first major project the scion will be executing after joining his fathers’s business recently.

The move is expected to be in the wake of the rise in the popularity of digital currencies and the surging rate of Bitcoin.

However, the cryptocurrencies are under the scanner across the world as it has no authenticity attached to it and the rising prices are attracting everyone to make blind investments.

Finance Minister of India, Arun Jaitley has warned that Bitcoins or such cryptocurrencies are not legal tender and those engaging in transactions that involve such currencies are doing it at their own risk.