JioCoin: Reliance Ventures into Cryptocurrency, Partners with Polygon

JioSphere web browser users have begun noticing the addition of JioCoin, a crypto token built on Ethereum Layer 2 and currently listed on the Polygon cryptocurrency platform. While there has been no official announcement from the company, many JioSphere users on both Android and iOS devices have started to see JioCoin on their smartphones.

In the FAQ section, Reliance explains that “JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited (JPL) using their Indian-based mobile numbers.”

By engaging with various Jio apps, users can earn Web3 tokens, which are deposited into their wallets. The value of these tokens will depend on user engagement, implying that apps such as MyJio, JioCinema, and others may soon support JioCoin. According to the JioSphere web browser description, users can earn JioCoins for free by browsing the internet on the JioSphere browser. These coins can be stored in the Polygon Labs wallet.

Currently, there is limited information on the value of JioCoin or how it can be traded. Speculation suggests that JioCoins could potentially be used for mobile recharges, utility bill payments, and other Jio-powered services.

Reliance is expected to make an official announcement regarding JioCoin soon, where it will reveal its value, capabilities, and functionalities. Cryptocurrency in India is currently subject to a flat 30 percent tax on profit, along with a 1 percent tax deduction at source (TDS), which will also apply to JioCoin. After the major security breach at WazirX, where millions of Indians lost money, sentiment towards crypto in India has been cautious. However, with the growing value of tokens like Bitcoin, the global outlook on blockchain-based currencies remains positive.