Indian billionaire Mukesh Ambani’s Jio launches mystery JioCoin on Polygon

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Indian telecom giant Jio Platforms, owned by billionaire Mukesh Ambani, launched its reward-based token, JioCoin, on the Polygon network.

On Jan. 16, users on X noticed JioCoin integrated into Jio’s proprietary JioSphere browser. This followed Jio’s partnership with Polygon Labs to enhance its offerings with Web3 and blockchain capabilities.

JioCoin functions as a reward mechanism for users browsing the internet via JioSphere. Still, Reliance Jio has not made any official announcement about the token’s utility.

Kashif Raza, CEO of Bitinning, noted that Reliance Jio operates within a vast network of thousands of companies, and JioCoin could potentially serve as the currency within that ecosystem.

He speculated that users might eventually redeem JioCoins earned on JioSphere for services such as mobile recharges or purchases at Reliance gas stations. On X, Raza described JioCoins as potentially enabling “the most significant reward program in the world.”

At the time of publication, JioCoins are neither transferable nor redeemable, but Cointelegraph independently verified that JioCoin is available on JioSphere.

Cointelegraph reached out to JioSphere for clarification but did not receive a response by the time of publication.

Community criticism

Sunil Aggarwal, author of Bitcoin Magnet, raised several questions on X about the transparency and legitimacy of JioCoin. He asked whether the token has a block explorer, allows users to verify transfers or provides information about its maximum and circulating supply. Aggarwal also questioned whether JioCoin’s smart contracts are verified on Polygon and whether they are listed on price trackers like CoinMarketCap.

Summarizing his doubts, he said, “If these questions can’t be answered simply, JioCoin is at best an experimental project.”

Others in the community likened JioCoin to the Brave browser’s Basic Attention Token (BAT) token.

Divyansh Agrawal, a community member, posted on X, “So JioCoin is basically BAT (Brave browser token) of India??” Meanwhile, some called JioCoin a “good marketing gimmick.

Indian crypto influencer Aditya Singh speculated that JioCoin might be a non-tradable reward token for Jio services, writing, “It fits well for Jio as well since crypto regulations are not clear in India, and soul-bound rewards fit well with current tax laws.”

On the community backlash, Aishwary Gupta, Polygon’s global head of payments, described the collaboration as an opportunity to explore blockchain’s potential for practical use. He told Cointelegraph:

“We have been putting a lot of effort into the things that will go live in the next year, ensuring that people find utility in these use cases. Also, the way to look at this is that it is a validation of public blockchains and our long-term vision to bring India to the forefront of innovation and technology and become product-oriented rather than being still looked at as a service-based country”

Regulatory hurdles

JioCoin arrives at a time when India’s regulatory framework for cryptocurrencies remains strict. With a flat 30% tax on crypto gains and a 1% tax deduction at the source without loss offsets, investing in cryptocurrencies is challenging for many in the country.

Jio Platforms, which serves over 450 million users, is one of India’s largest mobile network operators.

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