Jio, the Mukesh Ambani-backed telecom operator, on Wednesday denied having launched any JioCoin cryptocurrency application, and advised people to refrain from dealing with any such apps. "Reliance Jio has come across reports in media and other websites about the existence of purported JioCoin apps on the Internet that are soliciting investments in cryptocurrencies from people," a company statement said.
It said: "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."
"Reliance Jio takes a serious note of such fraudulent attempts by unscrupulous persons to misguide the public in the name of Jio and reserves the right to take appropriate legal recourse," the company added.
Cryptocurrencies are considered controversial by nature because of their unregulated nature, and regular fluctuations in their value. Finance Minister Arun Jaitley in his Budget 2018 speech said the government will work towards eliminating cryptocurrency uses in India as they are not legal tender. On the other hand, the use of Blockchains - the underlying technology for cryptocurrencies - will be explored by the country.