January 21, 2025
By Our Correspondent
Users of the Jiosphere web browser have begun to observe the introduction of JioCoin, a cryptocurrency token developed on the Ethereum Layer 2 network and currently available on the Polygon platform. Although the company has not yet issued an official statement, numerous JioSphere users on both Android and iOS devices have reported seeing JioCoin on their smartphones.
In the FAQ section, Reliance states that “JioCoins are blockchain-based reward tokens that users can earn by interacting with various mobile or internet-based applications as determined by Jio Platforms Limited (JPL) using their Indian mobile numbers.”
By participating in different Jio applications, users can accumulate Web3 tokens, which will be credited to their wallets. The value of these tokens will be contingent upon user engagement, indicating that applications such as MyJio, JioCinema, and others may soon integrate JioCoin.
According to the information provided on the JioSphere web browser, users can earn JioCoins at no cost by browsing the internet through the JioSphere platform. These tokens can be stored in the Polygon Labs wallet.
Currently, there is limited information regarding the value of JioCoin or the mechanisms for trading it. Speculation indicates that JioCoins may be utilized for mobile recharges, utility bill payments, and other services offered by Jio.
Reliance is expected to release an official announcement regarding JioCoin in the near future, detailing its value, features, and functionalities.
In India, cryptocurrency profits are subject to a flat tax rate of 30 percent, along with an additional 1 percent tax deduction at source (TDS), which will also apply to JioCoin.
Following a significant security breach at the Indian crypto exchange WazirX, which resulted in substantial financial losses for millions of Indians, the sentiment towards cryptocurrency in India has been largely negative. Nevertheless, the rising value of tokens such as Bitcoin continues to foster a positive outlook for blockchain-based currencies on a global scale.
