Synopsis
Reliance Jio has launched JioCoins, a blockchain-based digital token built on Polygon. JioCoins reward users for browsing via JioSphere and mark a step toward Web3 adoption, with regulatory implications under India’s cryptocurrency framework.
Reliance Jio, one of India’s largest telecom giants, has launched Jiocoins—a digital token built on the innovative Polygon blockchain. These tokens are set to reward users for simply browsing the web on Jio’s own JioSphere browser. While JioCoins aren’t stablecoins, transferable, or redeemable just yet, they accumulate in the Polygon wallet, creating an exciting gateway for millions of Jio users to explore the world of Web3.
How to earn JioCoins: A quick guide
- Install the JioSphere app on your device (available on both Apple and Android platforms).
- Create an Account: Sign up for an account on the JioSphere browser.
- Browse the Web: Start surfing the internet using the JioSphere browser.
- Earn JioCoins: As you browse, you will earn JioCoins as rewards.
- Accumulate in Polygon Wallet: The JioCoins will be stored in your Polygon wallet.
By interacting with a range of Jio apps, users can earn Web3 tokens, which are automatically deposited into their wallets. The value of these tokens will be tied to how actively users engage with the apps. This hints that popular platforms like MyJio, JioCinema, and others could soon integrate JioCoin.
Jio and Polygon’s Web3 alliance
The debut of JioCoins signals a game-changing partnership between Jio and Polygon, combining Jio’s massive reach with Polygon’s cutting-edge Ethereum Layer 2 solution. This collaboration promises fast, cost-effective transactions while boosting Polygon’s influence in India, this could also set the stage for other major companies to potentially introduce their own corporate-backed tokens. Additionally, Jio Platforms Ltd. (JPL) has partnered with Polygon Labs to bring Web3 capabilities to its services, benefiting 450+ million users.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 51.38% BuyBTC 50 :: ETH 50-0.04% BuySmart Contract Tracker-0.64% BuyDeFi Tracker-7.21% BuyAI Tracker-9.22% BuyTOP COINS (₹) Tether86 (0.06%)BuyXRP268 (-1.83%)BuyEthereum277,663 (-2.44%)BuyBitcoin8,832,780 (-2.59%)BuySolana21,418 (-2.65%)BuyKiran Thomas, CEO of JPL, emphasized this partnership as a milestone towards digital excellence.
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View Details »Polygon’s founder Sandeep Nailwal expressed enthusiasm about the partnership, stating, “This is a significant step forward for Web3 adoption in India. We look forward to working with Jio as they introduce Web3 to their millions of customers.”
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Regulatory considerations for JioCoin
The launch of JioCoins could stir up India’s cryptocurrency landscape. With the government’s tough rules on digital currencies, including a 30% tax on profits and a 1% TDS, Jiocoins are set to fall under these regulations.
The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) will be keeping a close watch on how Jiocoin is used. But the real intrigue lies in how income tax authorities will treat Jiocoins—will they be classified as taxable assets or something else entirely?
From 2018 buzz to 2025 partnership
JioCoin has been a buzz in the media since 2018, but it wasn’t until January 2025 that Jio made its move, announcing a formal partnership with Polygon, signaling the anticipated arrival of JioCoins. Back in 2018, Jio Platforms was already ahead of the curve, with reports revealing a dedicated 50-member team, led by Akash Ambani, working on developing a blockchain token.
However, an official announcement about JioCoin is expected soon, likely outlining its value, trading features, and functionality. Until then, Jio users are left to speculate with excitement on how this new digital token will integrate into Reliance’s expansive ecosystem, potentially reshaping the future of digital transactions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
