Jio Coin: A Tradable Cryptocurrency Or Just a Reward Token

Jio Coin Price Prediction: Everything You Need to Know About Jio Coin

Jio Coin: The Top-Trending Digital Currency Of India

Reliance Jio’s Mukesh Ambani, the richest businessman of the country, has entered into a partnership with Polygon Labs for promoting blockchain and Web3 technologies through his company. The collaboration looks forward to strengthening Jio’s digital offerings and services. This is the first entry of an Indian company into the Web3 and Blockchain universe.

What Is Jio Coin - All News So Far

Jio crypto coin is a digital currency, a blockchain-based reward token built on Ethereum Layer 2 technology, that one can earn through interactions with Jio’s apps and services like MyJio and JioCinema. The Jio Crypto can also be earned through internet browsing while using the JioSphere browser. 

JioCoin’s backend technology makes it infinite in supply. JioCoin also represents a new way for Reliance Jio to reward its users by engaging with its services.

Jio Coin And Polygon

A Bengaluru-based blockchain infrastructure company is set to developing innovative Web3 services for Reliance Jio’s vast customer base of more than 450 million. This development follows a strategic partnership between Jio Platforms (JPL), a subsidiary of Reliance Industries, and Polygon Labs, the development arm of Polygon Protocols, while marking their foray into Web3 and blockchain. The two companies have been collaborating closely for over a year to bring Web3 and blockchain solutions to the users of Jio.

The partnership aims to integrate Web3 features into several of JPL’s existing applications and services, using Polygon’s blockchain solutions for delivering groundbreaking Web3 services to Jio’s massive customer base, as per Jio coin latest news.

Other Jio Apps

It’s further been reported that Jio has been planning to expand the JioCoins program to other popular apps like MyJio, JioCinema and JioMart and thus make it easier to earn coins via diverse activities.

Indian Government and Cryptocurrency

The government in India does not recognize cryptocurrency as legal tender. The earnings made from cryptocurrency are even subject to 30% tax with 1% TDS (Tax Deducted at Source).

Jio Crypto Coin Price Prediction

Talking of Jio coin price prediction, the initial Jio coin price is expected to be around $0.5, that is approximately Rs.43.30 per token - Jio coin price in INR. However, there’s been no official disclosure of what the price would be.

Jio Crypto Coin Uses

There have been social media claims hinting toward the use of Jio Coins for mobile recharges, fuel payments and shopping discounts, but in future. It is also speculated that JioCoin could be used to incentivize users, drive engagement, or provide discounts on Jio’s services. However, as per jio coin latest update, the exact nature and purpose of Jio Coins are yet to be officially confirmed.

A Cryptocurrency Or Not?

Currently, the Jio coins by Reliance cannot be transferred or even redeemed. The users are currently not able to transfer or sell the Jio coins on the market, thus snatching away some of the main characteristics of a digital token from the Jio coins to be referred to as a cryptocurrency. One may know that the Jio tokens can anyways be used like reward points.

Bottom Line

JioCoin is unique due to its seamless earning process, integration across services and a secure and transparent reward token system.