Jio Coin: Reliance Industries has entered the field of blockchain and cryptocurrency with its new cryptocurrency JioCoin. JioCoin is built on Ethereum Layer 2 and is currently listed on the Polygon platform. Although the company has not yet announced it officially, GeoSphere web browser users, on both Android and iOS platforms, are seeing it.
What is JioCoin?
According to Reliance's FAQ section, JioCoin is a blockchain-based reward token. Users can earn it by interacting with various mobile and internet-based apps, provided they use the apps specified by Jio Platforms Limited (JPL).
Users will get Web3 tokens when they connect with MyJio, JioCinema and other Jio apps, which will be credited to their Polygon wallet. Users can also earn free JioCoins while browsing the internet using GeoSphere browser.
Uses and possibilities of Jio Coin
There is no detailed information about the price and trading process of JioCoin yet. However, there are speculations that these tokens can be used for mobile recharge, utility bill payments, and other services operated by Jio.
The company may soon make an official announcement of JioCoin, in which its value, capabilities and utilities will be revealed.
Indian Tax Policy and Security Concerns on Cryptocurrency
In India, 30% tax and 1% TDS is applicable on profits from cryptocurrency, which will also be applicable on JioCoin. Although sentiment towards crypto in the country has been negative following security breaches like WazirX, the global popularity of blockchain-based currencies and the rising value of tokens like Bitcoin have maintained interest in the sector.
Why is Reliance's move special? (Jio Coin)
Reliance's introduction of JioCoin is a big step towards mainstreaming blockchain and cryptocurrency in India. Its usefulness and user-friendly approach may help in its widespread adoption.
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