India’s richest man, Mukesh Ambani, has led Jio Platforms into the blockchain space with JioCoin, a reward token launched on the Polygon (MATIC-USD) network. Users first spotted JioCoin integrated into Jio’s proprietary JioSphere browser on January 16. The initiative follows Jio’s partnership with Polygon Labs to bring Web3 capabilities to its ecosystem.
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While the token currently functions as a reward for browsing on JioSphere, its broader utility remains a mystery. Kashif Raza, CEO of Bitinning, speculated that JioCoin could become the currency for Jio’s vast network, potentially redeemable for services like mobile recharges or fuel at Reliance outlets.
Community Questions Transparency
Not everyone is impressed. Critics like Sunil Aggarwal, author of Bitcoin Magnet, questioned the transparency of JioCoin, citing a lack of details about its supply and blockchain verification. Others compared it to the Brave browser’s BAT token. Polygon’s global head of payments, Aishwary Gupta, defended the project, calling it a step toward making India a blockchain innovation hub.
India’s Regulatory Challenges Loom
JioCoin arrives amid India’s strict crypto regulations, including a 30% tax on gains and a 1% tax deduction at the source. According to Cointelegraph, legal expert Amit Kumar Gupta criticized the government’s approach, describing it as a barrier to blockchain adoption.
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