Using the JioSphere web browsers, Reliance is giving away free JioCoins.
JioCoin is a cryptocurrency token that is based on Ethereum Layer 2 and is now listed on the cryptocurrency platform Polygon Labs. Users of the JioSphere web browser have begun to notice its addition. Numerous JioSphere customers on iOS and Android smartphones have started to detect JioCoin, despite the company’s lack of an official declaration.
According to Reliance’s FAQ section, “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).”
Users can earn Web3 tokens by using different Jio apps; these will be placed in their wallets. User participation will determine the coin’s value. This implies that JioCoin may soon be supported by apps like MyJio, JioCinema, and others.
The JioSphere web browser’s description states that users can use the browser to browse the internet and earn JioCoins for free. The Polygon Labs wallet allows you to accumulate these coins.
There is currently little information available regarding JioCoin’s value or trading options. According to speculation, these JioCoins can be used to pay utility bills, recharge mobile devices, and access other Jio-powered services.
In the upcoming days, Reliance is probably going to expose JioCoin’s value, features, and capabilities in an official announcement.
JioCoin would be subject to the same flat 30% profit tax and an additional 1% tax deduction at source (TDS) as are now applied to cryptocurrency in India. India’s attitude toward cryptocurrency has been unfavourable ever since WazirX experienced a significant security breach that cost millions of Indians money. However, there is still a bright future for blockchain-based currencies globally due to the steadily rising value of tokens like Bitcoin.