Billionaire Ambani’s Reliance Jio unveils JioCoin token on Polygon
Mukesh Ambani-led Reliance Jio, India’s dominant telecommunications company, has launched the digital token Jiocoin as part of its blockchain-powered rewards program for its 450 million user base. The new coin has been integrated into Jio’s proprietary JioSphere browser, which allows users to earn the tokens while browsing.
Earlier today, Cryptopolitan confirmed there was an update on the JioSphere mobile app that prompted users to sign into their accounts to start earning JioCoin. The development was also spotted by several users on social media platform X, including Bitinning’s founder Kashif Raza.
Jiocoin wallet is LIVE!!!
— Kashif Raza (@simplykashif) January 16, 2025
Yes, yes, this is an unbelievable update! This is real… it's happening!
You can accumulate JioCoins in a Web3 Wallet built on Polygon (A Public Blockchain).@0xAishwary @sandeepnailwal @sandeepnailwal, is it true? pic.twitter.com/2ruVMy9SRx
The news comes on the backdrop of Reliance Jio’s partnership with Polygon Labs, as revealed by the company on January 16.
Jio has yet to make an official announcement or provide any further details about the debut of JioCoin, but Cryptopolitan can confirm that JioSphere’s mobile browser has an integrated Polygon wallet for holding the tokens.
JioCoin to rewards users for engagement
According to the JioCoin wallet’s terms and conditions, users can earn JioCoins by engaging in various activities within the Jio ecosystem, such as watching promotional content, taking part in events, and utilizing Jio’s services.
The program is open to Indian residents aged 18 and above. To participate, they must register with Jio’s Blockchain-Based Rewards Program (BBRP) or its affiliated apps.
As of this writing, JioCoins are non-transferable and non-redeemable, but they can be earned through activities on the JioSphere platform, which is accessible to users within the Jio ecosystem.
Speculations on JioCoin’s success ensue
Users on X are debating JioCoin’s potential to succeed in incentivizing customer engagement, with many feeling that Jio’s launch is just a marketing ploy.
Bitinning CEO Raza believes JioCoin could eventually become the go-to currency for companies within the Jio network. In his X post, he called the digital token a potential “world-changing reward program.”
However, some naysayers are drawing comparisons between JioCoin and the Basic Attention Token (BAT) used by the Brave browser, which the crypto community has long labelled “not useful.”
So jiocoin is basically BAT(Brave browser token) of India????
— Divyansh Agrawal (@DivyanshMP) January 16, 2025
Sunil Aggarwal, author of Bitcoin Magnet, raised several questions about the token’s transparency and the lack of details on key technical aspects, such as whether JioCoin’s smart contracts are verified on the Polygon blockchain or listed on major price trackers like CoinMarketCap.
“My suggestion for everybody is that we should learn to place our hopes in right direction,” Aggarwal concluded, “If these questions can’t be answered simply, JioCoin is at best an experimental project.”
Regulatory uncertainty in India still in play
The launch of the coin comes as the regulatory landscape for crypto in India remains in a state of uncertainty. In August 2024, the Indian Ministry of Finance stated that there are no proposals being discussed with respect to regulating the sale or purchase of digital assets.
However, the ministry confirmed that Virtual Digital Asset Service Providers (VDASPs) are lawfully required to adhere to anti-money laundering (AML) regulations. India currently has strict cryptocurrency tax return policies, imposing a flat 30% tax on crypto gains and no provisions for loss offsets.
Despite the G20’s calls for the country to enact clearer crypto operational guidelines, the Indian government has been slow to implement comprehensive rules for digital assets, leaving investors guessing whether it is safe to acquire them.
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