Jio Coin: Reliance’s Foray into Cryptocurrency
Jio Coin: Reliance’s Foray into Cryptocurrency
Edited By: Priyanka Negi
Updated: Jan 25, 2025, 12:59 IST
Reliance Jio, led by India’s richest businessman Mukesh Ambani, has introduced Jio Coin, a blockchain-based cryptocurrency aimed at making digital currency more accessible to the masses in India. In partnership with Polygon Labs, this initiative also promotes blockchain and Web3 technologies, aligning with Reliance Jio’s vision of expanding its digital ecosystem.
What Is Jio Coin?
Jio Coin is a reward-based digital token that users can earn by engaging with Reliance Jio’s apps and services, such as MyJio and JioCinema, or by using the JioSphere browser for internet browsing. These tokens are stored securely in a Polygon wallet.
Currently, Jio Coin is non-transferable and cannot be traded or sold in any marketplace.
How To Earn Jio Coin?
Unlike traditional cryptocurrencies, Jio Coin cannot be purchased directly. Instead, it must be earned through these steps:
- Download the JioSphere browser on your Android or iOS device.
- Sign up with your Jio mobile number.
- Access your wallet: Click on the profile icon and select the ‘Jio Coin Wallet’ option.
- Start earning tokens by using JioSphere for internet browsing and interacting with Jio apps.
Potential Price of Jio Coin
As of now, there has been no official announcement regarding the market value of Jio Coin. However, reports suggest an estimated starting value of $0.5 (approximately ₹43.30) per token. If the adoption of Jio Coin grows, its value might increase over time.
Can Jio Coin Make You Rich?
Social media speculations suggest Jio Coin might eventually be used for mobile recharges, shopping discounts, or fuel payments. However, Reliance Jio has not issued any official confirmation regarding these claims. It’s advisable to approach such predictions with caution until the company provides further details.
India’s Stance on Cryptocurrency
The Indian government maintains a cautious approach toward cryptocurrencies. While digital currencies like Jio Coin are not recognized as legal tender, earnings from them are taxed at 30%, along with a 1% TDS (Tax Deducted at Source). Finance Minister Nirmala Sitharaman has reiterated the government’s strict stance on cryptocurrency regulation.
Disclaimer: Reliance has not made any formal declarations about the future of Jio Coin, so exercise discretion when interpreting its potential impact.
No comments