JioCoin: What It Is And How Users Can Earn Digital Tokens

Jio Platforms, under the leadership of Mukesh Ambani, has partnered with Polygon Labs to generate excitement for its new project. Users have taken to social media to post screenshots and show their excitement for the new coin, generating excitement while the formal announcement is still pending.

What is JioCoin?

JioCoin is created as a reward token within the Jio ecosystem. Users may earn these tokens by using Jio apps such as MyJio and JioCinema. The tokens are stored in integrated wallets on the JioSphere app and are currently limited to non-transferable and non-redeemable use cases, meaning they cannot be exchanged for goods or converted to currency at this stage.

While their current use is limited, JioCoins may eventually support activities like mobile recharges and bill payments within Jio’s ecosystem.

On 15 January 2025, Jio Platforms partnered with Polygon Labs to integrate blockchain technology and Web3 tools across its digital infrastructure. The partnership leverages Polygon’s Ethereum Layer 2 scalability, aligning with Jio’s vision of bringing blockchain innovation to India. Also, Jio Platforms Ltd. (JPL) has partnered with Polygon Labs to bring Web3 capabilities to its services, benefiting more than 450 million users.

How to Earn JioCoins?

With the JioSphere browser on Android, iOS, Windows, or Android TV, users can get JioCoins. To start they need to download and install the browser, and then sign up for the JioCoins program through the profile section in the app. Once registered, users can earn tokens by engaging with different Jio services and apps, with the coins being stored in a Polygon Labs wallet.

If JioCoins become tradable in the future, they will be subject to India’s 30 per cent tax on cryptocurrency gains and a 1 per cent TDS on transactions. This is aligned with the cryptocurrency framework that the government has put in place to regulate blockchain assets.

Vedang Vatsa, Founder of Hashtag Web3, stated, “If JioCoin succeeds, it may pave the way for large Indian corporations like Airtel, Tata, and Infosys to enter the Web3 era. This would encourage innovation and improve user experiences. A major challenge in India is the lack of awareness about Web3, but with its gamification model and large user base, Jio has the potential to make it more accessible and easier to understand."

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