JioCoin launches on Polygon. Community Speculates on Polygon Network for JioCoin Utility After Launch
On the Polygon network, the reward-based token, JioCoin, of Indian telecom giant Jio Platforms, owned by billionaire Mukesh Ambani, was launched. On Jan. 16, X users observed JioCoin embedded in Jio’s own JioSphere browser. This comes after Jio teamed up with Polygon Labs to bring its services to Web3 and the blockchain.
JioCoin is a reward system for web surfers through JioSphere.
Jio has yet to release any official details about the token’s utility. Kashif Raza, the CEO of Bitinning, explained that as Reliance Jio functions in a broad network of thousands of different businesses, JioCoin might be used as the underlying currency in the platform.
He said users would eventually be able to redeem their JioCoins for services on JioSphere, like mobile recharges or payment at Reliance gas stations. Raza also touted the potentially world-beating “rewards program” of JioCoins on X.
As of the time of writing, JioCoins cannot be transferred or redeemed; however, Cointelegraph was able to independently confirm that JioCoin is listed on JioSphere.
Cointelegraph contacted JioSphere for clarification but had received no response by press time.
JioCoin launches on Polygon. Community criticism
Sunil Aggarwal of the Bitcoin Magnet expressed many concerns on X regarding visibility and integrity related to JioCoin. He inquired if the token has a block explorer, if users can verify transfers through the explorer or if information is provided about its total and circulating supply. He also asked if JioCoin’s smart contracts are audited on Polygon and if they are referenced in price tracker sites such as CoinMarketCap.
Others in the community
JioCoin launches on Polygon. Brave browser’s Basic Attention Token (BAT) token.
Divyansh Agrawal, a community member, posted on X, “So JioCoin is BAT (Brave browser token) of India??” Meanwhile, some called JioCoin a “good marketing gimmick.
Indian crypto influencer Aditya Singh speculated that JioCoin might be a non-tradable reward token for Jio services, writing, “It fits well for Jio as well since crypto regulations are not clear in India, and soul-bound rewards fit well with current tax laws.” On the community backlash, Aishwarya Gupta, Polygon’s global head of payments, described the collaboration as an opportunity to explore blockchain’s potential for practical use. He told Cointelegraph.
“We have been putting a lot of effort into the things that will go live in the next year, ensuring that people find utility in these use cases. Also, the way to look at this is that it is a validation of public blockchains and our long-term vision to bring India to the forefront of innovation and technology and become product-oriented rather than being still looked at as a service-based country”
JioCoin launches on Polygon. Regulatory hurdles
JioCoin arrives at a time when India’s regulatory. With a flat 30% tax on crypto gains and a 1% tax deduction at the source without loss offsets, investing in cryptocurrencies is challenging for many in the country.
Jio Platforms serves over 450 million users and is one of India’s largest mobile network operators.