JioCoin is a blockchain-based reward token launched by Reliance Jio in collaboration with Polygon Labs. This innovative digital currency aims to reward users for their engagement with various Jio apps and services.
In this Article, We have details about JioCoin and how it works.
What is JioCoin?
JioCoin is a blockchain-based reward token built on Ethereum Layer technology. It is designed to reward users for their engagement across Jio apps and services. The token is listed on the Polygon blockchain, a leading cryptocurrency platform.
Users can earn JioCoins by using Jio apps and services, such as browsing the internet using the JioSphere browser, watching videos on JioCinema, and shopping on JioMart.
BREAKING: 🇮🇳Reliance Jio launches Jiocoin; a token on Polygon blockchain that users can earn as rewards on JioSphere browser.
— Crypto India (@CryptooIndia) January 16, 2025
Note: it is a developing story and not to be taken as confirmed as there is no official announcement from Jio yet. pic.twitter.com/H3D0Gvq7Nf
How to Earn JioCoin
Users need to sign up for the JioCoins program through the profile section of the JioSphere browser to earning JioCoins. Once signed up, users can earn tokens by performing various activities, such as browsing the web, watching videos, reading articles.
Redeeming JioCoin
The exact details of how to redeem JioCoin are yet to be fully revealed. However, it is expected that JioCoins will be usable across various Jio services, such as mobile recharges, grocery shopping on JioMart, OTT subscriptions, and more. Users will need a UPI-linked bank account for redemption.
JioCoin’s Value and Future Potential
The official value of JioCoin hasn’t been disclosed, but speculations suggest it could be around ₹43 per token. As its usage and demand increase, there is potential for its value to rise.
JioCoin could be used for services such as mobile recharges, shopping discounts, and fuel payments in the future.
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Jio’s Partnership with Polygon Labs
Jio’s collaboration with Polygon Labs aims to enhance its blockchain and Web offerings. This partnership will provide users with access to advanced investment products like stocks, bonds, mutual funds, and other securities. The collaboration seeks to bring innovative Web services to over 450 million existing customers of Reliance Jio.
Government Regulations and Taxation
The Indian government does not recognize cryptocurrency as legal tender. Earnings from cryptocurrency are subject to a 30% tax, along with a 1% TDS (Tax Deducted at Source).
Finance Minister Nirmala Sitharaman has made it clear that the government maintains a strict stance on cryptocurrency.
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Conclusion
JioCoin represents a significant step forward for Reliance Jio in the blockchain and Web space. By rewarding users for their engagement with Jio apps and services, JioCoin aims to enhance user experience and drive adoption of blockchain technology in India.
As the project grows, it will be interesting to see how JioCoin integrates with Jio’s ecosystem and what new opportunities it brings for users.