JioCoin launched: Mukesh Ambani’s new cryptocurrency live on polygon blockchain

Jio Platforms, led by Mukesh Ambani, has officially launched JioCoin, a new cryptocurrency token integrated with the Polygon blockchain network. The token, which serves as a reward for users browsing the web on Jio's proprietary browser, JioSphere, is currently non-transferable and non-redeemable. The launch follows a collaboration between Jio and Polygon Labs, marking a significant step in Jio's blockchain and Web3 ambitions.

While the exact functionality of JioCoin remains unclear, it has sparked speculation about its potential uses within Jio's vast ecosystem. The token could eventually be used for services like mobile recharges or purchases at Reliance gas stations. However, the value and broader utility of the coin will likely become clearer as it integrates into Jio's expansive digital network.

JioCoin’s debut comes amid India's strict cryptocurrency regulations, including a 30% tax on gains and a 1% tax deduction at the source. Despite these regulatory hurdles, Jio Platforms, which serves over 450 million users, is poised to play a pivotal role in the country's evolving digital economy.

While the future of JioCoin is still unfolding, its launch signals a move towards integrating blockchain technology within one of India’s largest digital ecosystems.