Mukesh Ambani might be planning his own cryptocurrency, Jio Coin

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s cryptocurrency next on Mukesh Ambani's to-do list?

According to a report, Reliance Jio Infocomm is drawing up plans to create its own cryptocurrency, Jio Coin. The new bet, a Mint report claims, is the mandate of a 50-member team working on blockchain technology, which is being helmed by Ambani's elder son Akash.

he report comes at a time when Bitcoin has taken a major hit worldwide after South Korea reiterated a proposed ban on such venues, fueling concern that a crackdown will erode one of the world's biggest sources of demand for digital currencies.

The report comes at a time when Bitcoin has taken a major hit worldwide after South Korea reiterated a proposed ban on such venues, fueling concern that a crackdown will erode one of the world's biggest sources of demand for digital currencies.

Bitcoin dropped as much as 12 percent to $12,801, before paring losses to about 6 per cent, according to data compiled by Bloomberg. Ripple fell 14 per cent and ethereum slumped 4 per cent.

Governments around the world are increasing scrutiny of cryptocurrencies as surging prices attract everyone from individual investors to Wall Street banks.

Back home, the finance ministry, Arun Jaitley and Reserve Bank of India (RBI) have warned bitcoin users on the risks such cryptocurrencies carry. Jaitley has even said that cryptocurrency is not legalised as of now, while the RBI has made it clear multiple times that the creation, trading or usage of all virtual currencies, including Bitcoins, as a medium for payment are not authorised by any central bank or monetary authority.