The source is Reuters. JioCoin: What is it? With Polygon, the biggest telecom provider in India realizes its cryptocurrency goals.
© Reuters. JioCoin: What is it? With Polygon, the biggest telecom provider in India realizes its cryptocurrency goals.
Dependency (NS:RELI) The biggest telecom provider in India, Jio, has introduced JioCoin, a reward token, on the Ethereum layer 2 network Polygon.Although the firm had not made an official announcement at the time of publication, a number of users saw that JioCoin was mentioned on JioSphere, the company’s own web browser that works with both iOS and Android smartphones.
How well-informed are we about JioCoin?
In 2018, there were rumors that Reliance Jio, controlled by billionaire Mukesh Ambani, was developing an internal cryptocurrency. According to local media at the time, the telecom behemoth was assembling a youthful team of fifty people to work on this coin.Akash Ambani, the chairman of Reliance Jio Infocomm Limited and the eldest son of Asia’s richest man, was supposed to lead the project. In addition, he publicly declared his strong support for blockchain technology and cryptocurrencies and pushed for the application of technology in a variety of fields, including banking, fintech, real estate, and healthcare.The technical specifics of this purported cryptocurrency’s operation and function, however, were not well disclosed.In 2025, Jio declared on January 15 that it had teamed up with Polygon Labs and intended to incorporate blockchain technology into its current services, which currently cater to about 450 million Indians.Citing confidentiality, the release provided no information on the precise nature of the items under development; however, the JioCoin Wallet appeared on the JioSphere browser the following day. Wallet for JioCoin on the JioSphere web browser. Invezz is the source.According to the terms and conditions section of the JioCoin wallet, JioCoin is initially hailed as a blockchain-based reward coin intended to encourage user participation inside Jio’s ecosystem.By engaging in a variety of activities, including viewing promotional content, attending promotional events, and utilizing services provided by the Jio ecosystem, users can earn JioCoins.The gained tokens can be exchanged for products and services offered by Jio and its affiliates, and they are credited to the user’s Polygon wallet on a quarterly basis. These tokens can then be used to purchase Jio products and services through a staggered redemption scheme.Given that the rules of usage also state that a UPI-linked bank account is necessary for redemption, there is also a chance that the tokens might be converted into fiat money.JioCoins are not redeemable or transferable as of the time of posting.
JioCoin may have difficulties because it was introduced at a time when India’s cryptocurrency regulatory environment is still unclear.Regulators have not said much about the issue and have simply implemented a harsh tax system that requires cryptocurrency dealers to forfeit 30% of their income in addition to a 1% tax deduction at the source that does not provide loss offsets.
The digital rupee, the nation’s central bank digital currency, has been supported by the Reserve Bank of India, which has even suggested outright banning cryptocurrencies.However, India continues to be a leader in the adoption of cryptocurrency at the grassroots level, with many of its youth using it as an investment vehicle.Since JioCoin was introduced as the first cryptocurrency to be closely associated with one of India’s biggest corporations, regulators may soon provide some kind of reaction.
