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Jio Platforms Introduces JioCoin on Polygon Blockchain, Sparking User Discussions

• ByStartupStory     |    January 20, 2025

Jio Platforms has launched JioCoin, a new reward token on the Polygon blockchain network, sparking widespread discussions about its potential applications. Although the company has not yet officially detailed the token’s utility, users have already noticed its integration within JioSphere, Jio’s proprietary web browser.

The integration of JioCoin within JioSphere was first observed by users on the social media platform X on January 16. This move follows Jio’s recent collaboration with Polygon Labs, aimed at enhancing its offerings with blockchain and Web3 capabilities.

According to available information, JioCoin is designed to function as a reward mechanism for users who browse the internet through JioSphere. However, the token is currently neither transferable nor redeemable. Industry observers believe its value could become more apparent as it integrates further into Jio’s vast business ecosystem.

Kashif Raza, CEO of Bitinning, speculated on JioCoin’s potential applications, stating:

“JioCoin could eventually be used for services like mobile recharges or purchases at Reliance gas stations.”

Despite the excitement surrounding JioCoin’s introduction, some experts have voiced concerns regarding its transparency and legitimacy. Sunil Aggarwal, an author and crypto analyst, raised several questions, saying:

“Does JioCoin have a block explorer or verified smart contracts on the Polygon network?”

Many users have drawn comparisons between JioCoin and the Basic Attention Token (BAT) used by the Brave browser, suggesting that JioCoin might serve a similar role in India.

The launch of JioCoin comes at a time when India’s cryptocurrency regulations remain stringent, with a 30% tax on gains and a 1% tax deduction at source (TDS) on digital asset transactions.

With over 450 million users, Jio Platforms stands as one of India’s largest mobile network operators. The introduction of JioCoin signifies its foray into the blockchain space, and the industry will closely watch how the token evolves within India’s regulatory landscape.

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