Introducing JioCoin: Essential Facts to Keep in Mind. Have you heard about the recent launch of JioCoin? If not, here are eight key points that you should be aware of.
Jio Platforms Ltd, a subsidiary of Reliance Industries, has reportedly launched a reward token called JioCoin on the Ethereum layer 2 network Polygon.
Although there has been no official announcement regarding JioCoin, many users have noticed the mention of the reward token on JioSphere, a browser available for both iOS and Android devices.
One user took to social media platform X to share the exciting news, stating, “JioCoin wallet is LIVE!!! This is an incredible update! You can now accumulate JioCoins in a Web3 Wallet built on Polygon, a Public Blockchain.”
The user also shared a screenshot showcasing the JioCoin Wallet and claimed that users of JioSphere would be rewarded for browsing online.
Here are key points about JioCoin:
1. JioCoin is designed as a reward token for users of the JioSphere web browser.
2. Its introduction follows Jio’s collaboration with Polygon Labs to enhance its blockchain and Web3 offerings.
3. Jio’s reward token is not transferable or redeemable.
4. Reports suggest that it could potentially be used for services such as mobile recharges or purchasing goods from Jio.
5. The future remains uncertain due to India’s strict regulations on cryptocurrencies, including a 30% tax on gains and a 1% tax deduction at the source.
6. In 2018, it was reported that Jio Platforms was assembling a team of 50 members to work on the project, led by Mukesh Ambani’s eldest son, Akash Ambani.
7. On January 15, Jio announced a partnership with Polygon Labs to integrate blockchain-based capabilities into its existing offerings, although there was no mention in the announcement.
In the future, there is a possibility that the reward tokens may be converted into currency. This potential conversion is outlined in the terms of use, which specify the necessity of having a UPI-linked bank account for redemption.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.