In simpler terms, the Indian business empire, Jio Platforms (owned by tycoon Mukesh Ambani), introduced a digital currency called JioCoin, which operates based on rewards, into the Polygon blockchain system.
It was observed on January 16th that JioCoin had been incorporated into the exclusive JioSphere web browser, used by users of X. This move came after Jio formed a partnership with Polygon Labs, aiming to enrich their services with advanced Web3 and blockchain functionalities.
In simpler terms, using JioSphere to browse the internet earns you JioCoins, but it’s important to note that Reliance Jio has yet to clarify exactly how these tokens can be used.
Kashif Raza, Bitinning’s CEO, pointed out that Reliance Jio functions within an extensive business network comprised of numerous companies. He suggested that JioCoin might function as a currency inside this expansive system.
It’s possible that users could someday exchange their JioCoins, which they earn through JioSphere, for various services like mobile top-ups or transactions at Reliance fuel stations. On platform X, Raza referred to JioCoins as having the potential to power “the most impressive rewards program globally.
As of their release, JioCoins cannot be traded or exchanged, but CryptoMoon has confirmed that they can be found within the JioSphere platform.
crypto moon sought answers from JioSphere, yet no reply was received prior to the article’s release.
Community criticism
Sunil Aggarwal, the writer of “Bitcoin Magnet”, brought up several queries concerning X regarding the openness and authenticity of JioCoin. He inquired if the token possesses a block explorer, enables users to confirm transactions, or discloses details about its maximum and current supply. Furthermore, Aggarwal wondered whether JioCoin’s smart contracts are validated on Polygon and if they appear on price tracking platforms like CoinMarketCap.
Expressing my reservations, I stated, “Should the answers not be straightforward, JioCoin appears to be primarily an exploratory endeavor.
Others in the community likened JioCoin to the Brave browser’s Basic Attention Token (BAT) token.
Divyansh Agrawal, a participant in our community, asked on X if JioCoin could be compared to the BAT token from Brave browser, but specifically for India. Some users, however, viewed JioCoin as more of a clever promotional tactic.
Indian cryptocurrency influencer Aditya Singh hypothesized that JioCoin could potentially function as a non-tradable reward token exclusively for Jio services. In his view, this would align well with Jio since the regulatory climate for cryptocurrencies in India remains unclear. Moreover, he suggested that such soul-bound rewards are compatible with existing tax laws.
Regarding the pushback from the community, Aishwary Gupta, Head of Global Payments at Polygon, viewed the partnership as a chance to delve into the real-world applications of blockchain technology. Speaking with CryptoMoon, he expressed this perspective.
“We have been putting a lot of effort into the things that will go live in the next year, ensuring that people find utility in these use cases. Also, the way to look at this is that it is a validation of public blockchains and our long-term vision to bring India to the forefront of innovation and technology and become product-oriented rather than being still looked at as a service-based country”
Regulatory hurdles
JioCoin emerges under the current Indian regulatory climate where cryptocurrency rules are stringent. Due to a flat 30% tax on crypto earnings and a 1% tax withheld at the source without allowance for offsets, investing in digital currencies becomes difficult for numerous individuals within the nation.
Jio Platforms, a service catering to more than 450 million people, ranks among the top mobile network providers in India.
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2025-01-17 12:28