Mukesh Ambani's Reliance Enters Crypto World With Jio Coin -All You Need To Know

JioSphere web browser users have begun noticing that JioCoin, a blockchain-based crypto token, has been integrated into their platforms. Built on Ethereum Layer 2 and listed on Polygon, JioCoin is currently accessible to users on both Android and iOS devices, though there has been no official announcement from Reliance yet.

According to the FAQ section of Reliance, “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.”

Potential Uses of JioCoin

While detailed information about JioCoin's value and trading mechanisms is not yet available, speculation suggests that these tokens could be used for services like mobile recharges, utility bill payments, and other Jio-powered offerings. Reliance is expected to provide a formal announcement soon, detailing JioCoin’s functionalities and use cases.

Regulatory and Market Context

In India, cryptocurrency profits are taxed at 30%, with an additional 1% TDS on transactions, a policy that will also apply to JioCoin. Despite negative sentiment toward crypto in India, partly due to incidents like the WazirX security breach, global interest in blockchain-based currencies remains strong, driven by the increasing value of tokens like Bitcoin.

JioCoin represents Reliance's step into blockchain rewards, potentially offering a unique way for users to benefit from their engagement with Jio apps. As details unfold, its impact on the Indian crypto landscape will be closely watched.