Is Mukesh Ambani, India’s richest person, going to enter the world of cryptocurrency? This question has started circulating widely after Ambani’s Jio Platforms announced to have struck a partnership with Polygon Labs, an internet technology company. Following the announcement, the word ‘JioCoin’ has been widely circulating with many users sharing screenshots of it. However, the company has not yet made any formal announcement of the development.
Polygon Labs is a company that develops Web3 applications. It is also behind the Polygon blockchain network. It was set up in 2017 as the Matic Network and later renamed as Polygon Labs. In fact, the CEO of Bitinning — an educational platform that teaches people about cryptocurrencies and Web3 — Kashif Raza has gone a step ahead and has mentioned that JioCoin could perhaps be later used in a limited way. He said, it could be used for recharging mobile phones and/or purchases made at Reliance gas stations.
Could JioCoin serve as a limited currency?
The suggestion from the CEO of Bitinning, in effect, meant that JioCoin could serve as a limited currency inside a structure that encompasses thousands of companies. “The most significant reward program in the world” — that’s how Kashif Raza wrote about JioCoins on his social media handle at X. According to reports, currently JioCoins has almost nothing but a name — it is neither transferable nor redeemable. However, reports also mentioned that Cointelegraph independently could verify that it is available on JioSphere. However, JioSphere did not provide any clarification to Cointelegraph even as it sought a clarificatino from JioSphere.
“If these questions can’t be answered simply, JioCoin is at best an experimental project” — is how Sunil Aggarwal, author of Bitcoin Magnet, wrote on JioCoin. Aggarwal mentioned on social media handle X on the legitimacy of JioCoin. Aggarwal also wondered whether the token possessed a block explorer. If JioCoin has to turn into a currency, users have to verify transfers and information about circulation and supply.
There were others in the crypto community who commented that JioCoin is akin to the Brave browser’s Basic Attention Token (BAT) token. Divyansh Agrawal, who is a prominent community member, posted on X, “So JioCoin is basically BAT (Brave browser token) of India??”
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