Speculations soar on new JioCoin: Is there any merit to them?
What we know so far about JioCoin, a long-standing project that trace back to 2018
Dubai: Jio Platforms Ltd, a unit of India’s Reliance Industries, reportedly launched its own version of cryptocurrency dubbed JioCoin, however, as there is no official announcement about JioCoin, so the so-called investment remains purely speculative and highly risky in nature.
But why is there speculation surrounding this new token in the first place and what do we know about it?
It came into public attention because many users noticed the mention of the reward token JioCoin on JioSphere, a browser available for both iOS and Android-based devices. Here’s what we know so far.
Mukesh Ambani’s elder son Akash Ambani is leading the JioCoin project, Reliance Jio plans to build a 50-member team of young professionals to work on blockchain tech, as per multiple media reports, which can also be used to develop applications such as smart contracts and manage supply chain logistics.
Jio Platforms recently announced its partnership with internet technology company Polygon Labs, and ever since, several users – including senior company execs – took to Twitter to share pictures of JioCoin despite the company not making any official announcement about the same.
Given India's strict regulations on cryptocurrencies, which include a 30% gain tax and a 1% source-tax deduction, its future is unclear. However, speculations mounted that JioCoin could eventually be used for services like mobile recharges or purchases at Reliance gas stations.
Additionally, Jio reward token cannot be redeemed or transferred. Given that the terms of use state that a UPI-linked bank account is necessary for redemption, there is a chance that the incentive tokens may eventually be exchanged for cash.
- with inputs from Agencies
Sign up for the Daily Briefing
Get the latest news and updates straight to your inbox
