JioCoin Appears On Company’s Web Browser, Soon To Expand To Other Jio Apps

Users of the JioSphere web browser have begun observing the introduction of JioCoin, a cryptocurrency token created on Ethereum Layer 2 and presently listed on the Polygon Labs cryptocurrency platform.

Although the company hasn’t made any formal declarations, a significant number of JioSphere users, utilising both Android and iOS devices, have reported spotting JioCoin on their mobile devices, Indian Express reported.

JioCoins are described as 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 can accumulate Web3 tokens by interacting with numerous Jio applications, which will then be credited to their wallets. The token’s worth is determined by the level of user interaction, implying that JioCoin may soon be supported by apps such as MyJio, JioCinema, and others.

As per the information provided on the JioSphere web browser, individuals have the opportunity to acquire JioCoins at no cost simply by browsing the internet using the JioSphere platform. The accumulated coins can then be stored in the Polygon Labs wallet.

Currently, there is limited information available regarding the worth of JioCoin and its trading procedures. It is speculated that JioCoins could potentially be used for mobile top-ups, utility bill settlements, and other services facilitated by Jio.

In the upcoming days, Reliance is expected to officially announce JioCoin, during which the company will reveal its value, capabilities, and features.

In India, cryptocurrency is presently subject to a uniform 30 per cent profit tax, along with an extra 1 per cent tax deduction at the source (TDS), a regulation that will also be applicable to JioCoin.

The massive security breach experienced by WazirX, which led to a significant loss of money for millions of Indians, has resulted in a negative perception of cryptocurrency in the country. Nonetheless, the continuous rise in the value of tokens such as Bitcoin keeps the global perspective on blockchain-based currencies robust.