Indian Jio Platforms unveils JioCoin as reward token on Polygon

Indian telecom giant Jio Platforms, owned by billionaire Mukesh Ambani, has launched its reward-based token, JioCoin, on the Polygon network. The token was integrated into Jio’s proprietary JioSphere browser, which allows users to earn JioCoins while browsing. However, Jio has not made an official announcement regarding the token’s full utility or potential use cases.

While JioCoin is currently not transferable or redeemable, industry experts speculate it may eventually serve as a currency within Jio’s vast network of companies. Users could potentially redeem the token for services such as mobile recharges or purchases at Reliance gas stations. Despite the potential, the community has raised questions about the token’s transparency, including concerns about its block explorer, smart contracts, and listing on price trackers.

Critics have compared JioCoin to the Brave browser’s Basic Attention Token (BAT), while some view it as a marketing gimmick. Meanwhile, supporters highlight the token’s integration with blockchain and Web3 technology, noting it could bring practical utility to users in the future. The launch comes amid a strict regulatory environment for cryptocurrencies in India, with a flat 30% tax on crypto gains and no loss offsets.