Reliance is giving away free JioCoins on the JioSphere web browsers.
JioSphere web browser users have started to notice the addition of JioCoin, a crypto token built on top of Ethereum Layer 2, and currently listed on Polygon Labs, a cryptocurrency platform. While there has been no official announcement from the company yet, many JioSphere users, both on Android and iOS devices, have begun to notice JioCoin on their smartphones.
In the FAQ section, Reliance mentions that “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.”
By engaging with various Jio apps, users can earn Web3 tokens, which will be deposited into their wallets. The value of the coin will depend on user engagement. This suggests that apps like MyJio, JioCinema, and more might soon support JioCoin.
According to the description on the JioSphere web browser, users can earn JioCoins for free by surfing the internet on the JioSphere web browser. These coins can be accumulated in the Polygon Labs wallet.
As of now, there isn’t much information on the value of JioCoin or how it can be traded. Speculation suggests that these JioCoins can be used for mobile recharges, utility bill payments, and other services powered by Jio.
Reliance is likely to make an official announcement about JioCoin in the coming days, where the company will unveil its value, capabilities, and functionalities.
Cryptocurrency currently attracts a flat 30 per cent tax on profit and an additional 1 per cent tax deduction at source (TDS) in India, and the same will apply to JioCoin. Ever since WazirX faced a major security breach, where millions of Indians lost money, the sentiment towards crypto in India has been negative. However, with the ever-increasing value of tokens like Bitcoin, the outlook towards blockchain-based currencies remains strong worldwide.
