JioCoin, a new blockchain based token is now being integrated into JioSphere, the web browser owned by Reliance’s Jio Platforms Limited. Currently, a lot of users for the browser both on android and ios devices have started seeing the tokens appear on their mobile, even though there has been no official confirmation from the company as of now.
The tokens are built on Etheream Layer 2 to increase the scaling ability and to reduce the transaction costs. Currently, these coins are under development in the platform Polygon Labs which has become popular for being a layer 2 scaling solution with Ethereum.
JioCoin is garnering lots of craze and fascination because of the scope of cryptocurrencies paired with blockchain technology. Moreover, the prefect combination makes this ordeal possible as it hints towards a major change of scenery in digital currency frameworks within India. Up until now, there have not been any announcements made regarding launch or practical purposes for JioCoin.
On the contrary, some clues on what it is used for and how it functions can be found on the JioSphere browse’s FAQ section. The FAQ states, “JioCoins are blockchain-based reward tokens that users can earn through varying mobile or internet based applications created by Jio Platforms Limited (JPL) tethered to Indian mobile numbers.”
JioCoin: How To Earn It
The core idea for JioCoin seems to revolve around earning tokens attributed to the particular topics. Simply put, users can earn JioCoins by interacting with the ecosystem through various Jio apps like JioSphere. The coins redeemed can also be considered as a form of reward on its own. In other terms, the more a user interacts with Jio’s extensive suite of services, the more tokens he will be able to redeem. Therefore, the value of the tokens is directly proportional to the level of engagement a particular user has.
Performing various tasks across different Jio services enables users to obtain JioCoins. Other Jio Platforms may add JioCoin functionalities, allowing users to earn coins while streaming content, browsing the internet, shopping, or viewing advertisements with apps like MyJio, JioCinema, and JioMusic. This will foster greater participation in Jio’s digital ecosystem as well as increase the active use of their applications.
The tokens may in fact be imported into a wallet owned by Polygon Labs, which is a wallet built on the Ethereum network that stores assets on Polygon, a blockchain that enhances Ethereum’s capabilities. At the same time, Polygon Labs is becoming increasingly popular in the crypto world because of its cheaper and faster transactions, which would make the JioCoin project more interesting, especially for people in India where the fees on Ethereum are very high.
JioCoin and India’s Digital Currency Prospects
Although JioCoin remains uncertain, its invention will have a positive impact on the widespread use of digital currencies and blockchain technology in India. With India’s instrumentation problems, cryptocurrency appears to be emerging around the globe fuelling the energetic youth. The exposure of JioSphere and other Jio services to blockchain-based rewards will greatly enhance the general public’s acceptance of digital currencies.
At this point, it is very difficult to understand the uses of JioCoin. Since they are affiliated coins, it is possible that they will be utilized for variety of services in Jio’s domain. For instance, perhaps users will be able to exchange these earned tokens for mobile recharges, utility bill payments or even use them to purchase internet services, data and/or premium subscriptions for JioCinema or JioTV or other services provided with JPL.
With this integration, JioCoin is poised to become that special digital commodity that works in the everyday life of people of India. Considering how popular Jio’s telecom and internet services are in the country, the people will have a much easier time getting used to the idea of JioCoin.
There are rumors that JioCoin will be possible to be transacted both on crypto exchanges and on Jio’s platform. While this has not been confirmed through official channels, the fact that the token is tied to Ethereum Layer 2 and is listed by Polygon Labs suggests that there will be opportunities for more trading in the future.
If all this comes true and users are able to trade JioCoin for Bitcoin or Ethereum, as well as exchange them for Indian Rupees, this would significantly increase the adoption of digital assets in India.
The Tax Implications of JioCoin in India
Just like all other crypto transactions in India, JioCoin is likely to be bound by JioCoin Laws and regulations in relation to crypto assets in the country. The Indian government currently imposes a flat fee tax of thirty percent on profits made from crypto currency investments.
This is one of the highest tax rates on crypto in the world. Adding to the woes is the tax to be levied on transactions in JioCoin, wherein a one percent tax deduction at source (TDS) will be levied, increasing the tax burden on crypto users.
After all, the debate around cryptocurrencies has been extremely charged, especially following India’s most popular cryptocurrency exchange platform, WazirX got hacked. WazirX was also involved in one of the largest hacks on a crypto exchange in 2022 which damaged a lot of users.
This security incident further came as a dent to the already dubious Indian users’ perception of crypto trustworthiness. However, despite these challenges, cryptocurrency is still being adopted worldwide, especially given the rush in value of some of the best known tokens out there: Bitcoin and Ethereum.
India’s own cryptocurrency ecosystem may become more murky with the introduction of JioCoin. The Indian government is still working to create a sufficient and clear regulatory policy constraint for cryptocurrencies, and up until now, there has been no substantial rollout of rules. If JioCoin can capture a large market, there is a possibility that the government moves forward with their comprehensive and clear regulations regarding digital currencies.
The report’s focus on blockchain-based currency reveals some positive outlooks. Compared to the reserved stance taken by India, the rest of the world is welcoming of these types of currencies. The digital market has placed Bitcoin as the dominant leader followed closely by Ethereum because of its innovation. JioCoin has also received much attention, particularly because the potential for cryptocurrency based marketers is boundless with the Mareth chain system.
As the internet moves toward a goal of decentralization using Web3 technology, one more pillar for the enhancement of the crypto ecosystem becomes apparent. There is also an increased probability of adoption as companies experiment more with blockchain-powered advertising. The potential of JioCoin could be emblematic of this expectation where marketers and users of the coin turn to crypto for their transformation needs in the digital economy.
Conclusion
JioCoin is overly enigmatic, but it nonetheless is a thrilling addition to the developing cryptocurrency market in India. The implementation of blockchain based rewards from Reliance Jio may assist in augmenting the use of digital currency as well as increase interaction with Jio services, although its actual worth, how it will be used, and policy constraints still leaves room for concern.
JioCoin will be able to realize its full possibility after a global approach towards blockchain technology and digital currencies is adopted, and Reliance holds a press announcement for the estimated future use of these digital assets in India.
