JioCoin: All You Need to Know About Reliance Jio's New Crypto Token

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.

Telecom giant Reliance Jio has reportedly begun testing a crypto token called ‘JioCoin,’ which is listed on the Polygon crypto platform and built on Ethereum Layer 2. The token is said to be appearing on Android and iOS devices used by Jio subscribers.

However, the company has not yet officially announced the cryptocurrency. According to a report by Moneycontrol, Jio is now rolling out JioCoin tokens to Jio users’ mobile devices. The token is listed on the Polygon crypto platform and is built on Ethereum Layer 2.

The report states that the JioCoin token is appearing on Android and iOS devices used by Jio subscribers. The company, however, has not yet officially announced the cryptocurrency.

A Jio spokesperson told the publication that the 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.

The users will receive these tokens in their Polygon Labs wallet, and the value of the coin will differ depending on the user engagement. Kashif Raza, the CEO of Bitinning, told the publication 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.