With its new product, Jio Coin, Reliance Jio, the telecom behemoth in India, has taken a revolutionary stride into the blockchain and cryptocurrency space. Through Jio Coin, a reward-based token system, Reliance Jio hopes to transform India’s digital economy in collaboration with Polygon Labs. In addition to marking Reliance’s entry into Web3, this creative strategy seeks to increase digital engagement by compensating consumers for their online activity through the JioSphere browser.
Jio Coin is a blockchain-based reward token that runs on the Polygon blockchain. During its beta period, users can already earn tokens by browsing the JioSphere browser on the Internet. These JIO Coin tokens, which are stored in a Polygon coin wallet, guarantee a number of services inside the Jio ecosystem, such as access to special features, shopping at Reliance outlets, and payments for cell recharges.
How to Purchase JIO Coin
It’s crucial to remember that Jio Coin is not now available for direct purchase for anyone wondering how to get it. Instead, by using the JioSphere browser, customers can earn it. To begin earning Jio Coins, users must download the JioSphere browser, which is compatible with both iOS and Android smartphones, register with their Jio number, and begin browsing.
Jio Coin is expected to become redeemable and transferable as the project develops, possibly via the MyJio app or other platforms. It may even be exchanged on well-known cryptocurrency exchanges like Koinex and Zebpay.
Market Value of JIO Coin
Despite the fact that Jio Coin’s official pricing has not been revealed, there is conjecture that it would launch at roughly $0.5 (₹43.30) per token. As Jio Coin becomes more integrated with Jio’s services, such JioMart and Reliance petrol stations, its value is expected to increase. Its potential applications go beyond simple cryptocurrency transactions and are intended to cover a broad spectrum of Jio network services, including fuel purchases, shopping discounts, cell recharges, and exclusive service access.
It also raises India’s profile in the international cryptocurrency industry by setting an example for other businesses to follow when considering a digital currency venture. With a 1% TDS on transactions and a 30% tax on bitcoin earnings, the Indian regulatory system presents some difficulties. However, when Jio Coin works through these rules, its progress will be continuously monitored. The partnership between Polygon Labs and Reliance might also have an impact on the creation of a more welcoming atmosphere for digital currencies in the nation.
Both parties gain from the collaboration with Polygon on the Jio Coin launch. Jio makes use of Polygon’s affordable and scalable blockchain technology, and Polygon benefits from more people using and transacting on its platform.