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What is JioCoin? Explore everything you need to know about Reliance's new crypto token, from its benefits to its impact on India's crypto space.
Mukesh Ambani’s Reliance Jio has joined hands with Polygon Labs, a blockchain technology platform, to enter the blockchain universe with its JioCoin.
Polygon Labs is a Bengaluru-based blockchain company that will help Reliance Jio build Web3 services for its existing 450 million+ customers.
What is JioCoin?
JioCoin is a digital coin that will be issued to users on JioSphere by Polygon Labs. JioSphere is a web browser offered by Jio Platforms for internet browsing.
It is a blockchain-based reward token that users can earn by surfing mobile and internet apps offered by Jio Platforms.
The number of tokens earned will depend on the user behavior, i.e., how often a user interacts with various apps and sites on the JioSphere platform. A user must be a Jio SIM user to browse these pages and apps.
The more a user browses websites and apps on the JioSphere, the more JioCoins they will earn. A user’s JioCoin earning will reflect in their Polygon wallet.
What are the uses of JioCoin?
There is no official communication from the company as to how these JioCoins will be redeemed by users.
However, many experts expect these tokens to be used for different purposes. It may be used as an internal currency to purchase products within its ecosystem.
Some expect these coins to be used for bill payments, mobile recharges, and shopping on several Jio platforms.
How to enroll in JioCoins program?
To enjoy the benefits of JioCoin, one must be a Jio user. If you are an existing Jio SIM user, you can find the option to opt in inside the menu.
Currently, the JioCoins are available to users on the JioSphere browser. Moreover, Jio plans to extend the JioCoins availability to its other apps, like JioCinema.
What does Polygon Labs do?
Polygon Labs is the “developer arm” of Polygon Protocols, a blockchain infrastructure company based in Bengaluru.
The company describes itself as,
“Polygon Labs redistributes the power and value of the internet to its users, by building a network of open source protocols that provide unified liquidity, unlimited scalability, and interoperability for builders.”
Kiran Thomas, CEO of Jio Platforms Ltd. (JPL), spoke about their collaboration with Polygon.
“Joining forces with Polygon Labs marks a significant milestone in Jio's journey towards digital excellence.
We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users.”
Is JioCoin regulated by the government?
At present, there are no regulations in place governing JioCoins, as they are yet to be launched by Reliance Jio.
As and when Reliance Jio launches JioCoins for all its users, SEBI and RBI will most likely introduce certain rules to regulate the token.
On X, Rohit Singh, a research analyst registered with SEBI, offered his insights on JioCoin's regulatory strategy in India. He wrote,
“Reliance Jio’s involvement could be a game changer in India’s regulatory landscape. Jio could lead a movement to bring mainstream crypto adoption to India.”
