Reliance Jio Infocomm Ltd, a subsidiary of Indian conglomerate Reliance Industries, is planning its own cryptocurrency, LiveMint reported.

The report suggests that the telecom giant is going big on blockchain. A source familiar with the matter told LiveMint that the company plans to set up a 50-member team to work on blockchain technology.

The new cryptocurrency would be called “JioCoin” and the project would be led by Reliance Industries Chairman Mukesh Ambani’s elder son Akash Ambani, the report suggests.

“The company plans to hire 50 young professionals with average age of 25 years for Akash Ambani to lead. There are multiple applications of blockchain (for the company). The team would work on various blockchain products,” the source said.

Reliance aims to develop blockchain applications such as smart contracts and supply chain management logistics.

“One (application) is cryptocurrency. We can deploy smart contracts. It can be used in supply chain management logistics. Loyalty points could altogether be based on JioCoin,” the source said, adding that all of this was “in proposal stage”.

The official website states:

“Jio envisions a new India which will use digital currency instead of paper money for a more secure and convenient way to transact. Jio Money, Jio’s digital currency and digital payments business, will play a crucial role in this by offering a platform for ubiquitous, affordable and secure digital payments.”

Reliance Industries owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. The company’s venture into the cryptocurrency space comes at a time when the country’s regulatory authorities are adopting a cautious approach towards this innovative technology.

The Reserve Bank of India and the Ministry of Finance have issued warnings on cryptocurrencies and related investments. More recently, Finance Minister Arun Jaitley said that currently there are no legal protections for people engaging in cryptocurrency transactions as they do not fall under the scope of lawful legal tender.

The government is currently awaiting a report from an expert group which was incorporated last year to look into the regulation of cryptocurrencies.