Recently, JioSphere users started to notice the addition of JioCoin, a crypto token listed on the Polygon crypto platform and built on Ethereum Layer 2. The JioCoin token appears on Android and iOS devices; however, the company has not officially announced the cryptocurrency.
The Ambani-led Reliance shares, “JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited (JPL) using their Indian-based mobile numbers.” Users will receive these tokens in their Polygon Labs wallet. The value of the coin will differ depending on user engagement. Kashif Raza, the CEO of Bitinning, shared that people can use these tokens for mobile recharge, utility bill payment, and other Jio services.
At present, cryptocurrency attracts a 30% tax on profit and an additional 1% tax deduction at source (TDS) in India, and the same will be applied to JioCoins.
After WazirX experienced the security breach, causing millions of Indians to lose significant amounts of money, citizens backed down from showing interest in crypto. However, with the ever-increasing value of tokens like bitcoins, tethers, ethers, etc., the sentiment towards blockchain-based currencies has remained strong globally.
As JioCoins are blockchain-based currencies, they are creating buzz around, with people sharing their pictures on the X. This currency aims to transform digital transactions in India.
