JioCoin launched? Here are 8 things you need to know | Stock Market News
Source: Live Mint
Jio Platforms Ltd, a unit of Reliance Industries, has reportedly launched a reward token dubbed JioCoin on theEthereumlayer 2 network Polygon.
However, there is no official announcement about JioCoin, but many users noticed the mention of the
reward token on JioSphere, a browser available for both iOS and Android-based devices.
In a post onsocial media platform X, a user wrote: “Jiocoin wallet is LIVE!!! Yes, yes, this is an unbelievable update! This is real… it’s happening! You can accumulate JioCoins in a Web3 Wallet built on Polygon (A Public Blockchain).”
The user also shared a screenshot which mentions JioCoin Wallet.
He also claimed that users of JioSphere will get rewarded for browsing online.
8 key points about JioCoin
1. JioCoin is designed as a reward token for users of JioSphere web browser.
2. Its introduction comes after Jio’s collaboration with Polygon Labs to boost its blockchain and Web3 offerings.
3. The Jio’s reward token is not transferable or redeemable.
4. According to some reports, JioCoin could be used for services such as mobile recharges or buying goods offered by Jio.
5. Its future remains uncertain as India has stringent rules on cryptocurrencies, including a 30 per cent tax on gains and a 1 per cent tax deduction at the source.
6. In 2018, a media report had said that Jio Platforms was setting up a team of 50 members to work on this token. The project was reportedly spearheaded by Mukesh Ambani’s eldest son Akash Ambani.
7. On January 15, Jio announced that it had partnered with Polygon Labs and plans to integrate blockchain-based capabilities into its existing offerings. The announcement did not include any mention of JioCoin.
8. In future, there is a possibility that the reward tokens may be converted to currency, as the terms of use mentions the requirement of a UPI-linked bank account for redemption.
