Jio Platforms, led by Billionaire Mukesh Ambani, has partnered with internet technology company Polygon Labs and social media users are excitingly talking about its new venture, Reliance Jio Coin and sharing screenshots online.
Billionaire Mukesh Ambani's Jio Platforms has partnered with internet technology company Polygon Labs, and social media is abuzz with people discussing Jio Coin and sharing screenshots.
In other news, Reliance's tech subsidiary, Jio Platforms, has partnered with Polygon Labs to introduce Web3 and blockchain technology in India.
According to the FAQ section on the Reliance website, “JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited (JPL) using their Indian-based mobile numbers.”
A report by CoinDCX states that Jio Coin is the latest project from Reliance Industries to introduce blockchain technology in India. This virtual coin is also said to be Reliance's entry into the world of cryptocurrencies. The report adds that the launch of this virtual coin could lead to more people in India using cryptocurrencies.
It is important to note that the official value of this JioCoin has not yet been disclosed, but several media reports indicate that it could be valued at around Rs 43 ($0.50) per token. The market valuation of this digital token is also not yet known.
As the government has classified digital assets, including cryptocurrencies, as "Virtual Digital Assets," profits from the sale or transfer of these assets, such as cryptocurrencies and NFTs, will be subject to a 30% tax (plus 4% cess) rate.
Additionally, a 1% Tax Deducted at Source (TDS) will be applicable on crypto asset transfers if the total transaction value exceeds Rs 50,000 (or Rs 10,000 for certain cases) within the same financial year.
Reliance is expected to make a formal announcement about Jio Coin soon, revealing its value, features, uses, and other details.
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