JioSphere web browser users are starting to notice the addition of JioCoin, a cryptographic token built on Ethereum Layer 2 and currently listed on cryptocurrency platform Polygon Labs. Although there is no official announcement from the company yet, many JioSphere users using both Android and iOS devices are starting to notice JioCoin on their smartphones.
In the FAQ section, Reliance states, “JioCoins are blockchain-based reward tokens that allow users to use their India-based mobile number to access various mobile or internet-based apps as determined by Jio Platforms Limited (JPL). You can earn it by using it.”
By using various Jio apps, users can earn Web3 tokens, which are credited to their wallets. The value of a coin is determined by user engagement. This suggests that apps like MyJio, JioCinema, etc. may soon support JioCoin.
JioCoin from JioSphere. (Express photo)
According to the JioSphere web browser description, users can earn JioCoins for free by surfing the internet with JioSphere web browser. These coins can be accumulated in your Polygon Labs wallet.
At the moment, there is not much information about the value of JioCoin or how it can be traded. There is speculation that these JioCoins could be used for mobile recharge, utility bill payments, and other services powered by Jio.
Reliance is likely to make an official announcement about JioCoin in the coming days, where the company will reveal its value, capabilities, and features.
Currently, cryptocurrencies in India are subject to a flat 30 per cent tax on profits and an additional 1 per cent tax deduction at source (TDS), and the same applies to JioCoin. Sentiment towards cryptocurrencies in India has been negative ever since WazirX faced a massive security breach and millions of Indians suffered losses. However, the outlook for blockchain-based currencies remains strong around the world as the value of tokens like Bitcoin continues to rise.
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