The Jio Network May Boost India’s Bitcoin Economy

The use of Bitcoin may get some more fortification in India as the region’s most wealthiest man is enabling super cheap 4G to a billion Indian citizens.

Also read: Bitcoin in India: ‘The Best Form of Money the Human Race Has Ever Experienced’

India’s Richest Man Gives 4G Data to a Billion People

Chairman and Managing Director of Reliance Industries Mukesh Ambani attends the opening plenary session of the World Economic Forum (WEF) India Economic Summit in Mumbai November 13, 2011. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS)
Reliance Industries Jio Network’s Mukesh Ambani

Mukesh Ambani is one of the richest men in India. Local consumers will have the opportunity to try Ambani’s new Jio Network, allowing 4G data at significantly lower prices.

The 4G network will cover roughly 80% of the country, and the Jio Network is free until the end of the year. After that, the service will cost 149 INR ($2.25 USD) a month.

This new service will add more unbanked, and users who typically can’t afford mobile phones, to the internet. Those able to access the internet with a smartphone may be inclined to discover the benefits of Bitcoin. The cryptocurrency has become very prevalent in India and has seen significant growth.

The digital landscape in India is growing intensely, and Mukesh Ambani understands the technological transition. Recently Ambani told investors at an executive company meeting:         

Anything and everything that can go digital is going digital — at an exponential rate.— Life is going digital.

Growing Bitcoin Economy To Benefit From The Jio Network

india_bitcoinThe launch of the Jio Network should prime the fire of the already flourishing Bitcoin economy within India. recently reported that Zebpay customers are using the application to pay bills and top off cell phone accounts. Zebpay co-founder Sandeep Goenka detailed that the number of people paying bills was doubling every month. Many users do not have access to traditional banking methods, and Bitcoin is used as a bridge.

Other successful Bitcoin-based companies are noticing an influx of mobile users enjoying their services. Businesses such as Coinsecure, Unocoin, and BTCXIndia are seeing the unregulated economy grow across the country. Adding a significant population to the 4G mobile network should bolster these companies’ services quite a bit.

If Ambani’s Jio Network succeeds in its mission, a billion people will have access to applications that can enhance their financial needs. The Indian tycoon has invested lots of money into thousands of telecom towers and by March of 2017 the company hopes to reach 90% of the Indian population.

Additionally other tech companies are pushing more Internet services onto the Indian landscape. Google has installed free Wi-Fi across India’s train stations, and Facebook has also been trying to offer Indian residents free internet as well.

Bill Pay, Insurance Premiums, Grocery Shopping, and Mobile Top Ups Will Entice More Indians To Utilize Cryptocurrency Solutions

Giving more people a chance to access the internet will most definitely drive more users to the Bitcoin network. Companies like Unocoin are prepared for more citizens entering the ecosystem, as Unocoin co-founder and CEO Sathvik Vishwanath told the Hindustantimes this year. The company is planning to add an insurance premium, plus electric and water bill payments, at zero cost.

The Indian Bitcoin environment is rising in popularity within the country, and users everywhere are effortlessly paying bills and buying vouchers for shopping using the cryptocurrency. The Jio Network, at $2.25 a month, will only reinforce the strengthening virtual currency infrastructure in India.

What do you think about the Jio Network enabling a billion people access to affordable internet data? Do you think it will help strengthen the Bitcoin landscape in India? Let us know in the comments below.

Source: CNN Money

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