JioCoin: Mukesh Ambani's Telecom Giant Jio Platforms Launches Its Crypto on Polygon

Mukesh Ambani, the richest man in Asia with an estimated fortune of over 100 billion dollars, has just taken a major step in the crypto world.

Indian conglomerate Jio Platforms, a leader in telecommunications in the country with over 450 million users, is preparing to launch its own cryptocurrency, JioCoin, on the Polygon network.

The token, which is being developed in partnership with Polygon Labs, will be part of Jio’s strategy to expand into Web3 and the blockchain.

For now, users will be able to earn JioCoins simply by browsing the internet via JioSphere, although the tokens will not be transferable or exchangeable.

However, according to Kashif Raza, CEO of Bitinning, JioCoin could eventually become the currency of the Reliance ecosystem, allowing users to exchange their rewards for services like mobile top-ups or purchases at the group’s gas stations.

In an interview with X, Raza stated that this initiative could potentially become “the largest rewards program in the world.”

This launch has been met with a mix of curiosity and skepticism from the crypto community in India.

Sunil Aggarwal, author of Bitcoin Magnet, raised crucial questions about the project’s transparency, notably the absence of a block explorer and information about the total supply of tokens.

Some experts, like influencer Aditya Singh, suggested that the non-tradable status of JioCoin could be a response to strict crypto regulations in India.

The Indian regulatory context is indeed restrictive, with a 30% tax on crypto gains and a 1% withholding tax.

Despite these obstacles, Aishwary Gupta, global head of payments at Polygon, sees this collaboration as an opportunity to explore the practical potential of blockchain in India.

This Jio initiative could mark a turning point in the adoption of blockchain technologies in India, even if its success will largely depend on its ability to navigate a complex regulatory environment while providing real added value to its millions of users.