Reliance Jio has entered the crypto world with its new cryptocurrency Jio Coin, for this it has partnered with Polygon and it has been listed on Polygon.
Although no announcement has been made by the company, but it is definitely mentioned on opening the Jio Sphere web browser.
What is jiocoin?
Jio Coin is a blockchain based reward token that can be collected from various internet based apps as long as the app is a proprietary app from Jio Platforms Ltd.
Users will get Web3 tokens when they connect with MyJio, JioCinema and other Jio apps, which will be credited to their Polygon wallet. Users can also earn free JioCoins while browsing the internet using JioSphere browser.
Use of Jiocoin
Currently, these tokens will be used for services provided by Jio like mobile recharge, utility bill, DTH recharge etc.
Future of Jiocoin
At present, 30 percent tax and one percent TDS is being deducted on the profits from cryptocurrency trading in India, so like other cryptocurrencies, the future of Jio Coin is also in doubt, although gradually as the companies start using this coin. Has been. will increase, its importance will also increase
But the way the price of Bitcoin is skyrocketing today, it would be wrong to make negative predictions about the future of Jio Coin. In such a situation, its future can also be very bright and its price can also be very high. Trading of this coin will start in crypto exchanges then thr real picture will be clear.then we can buy this coin directly from exchanges and trade
Why is Jio Coin important for India?
The launch of Jio Coin is an important event for India. If Jio Coin is successful then other companies in India are also likely to enter the crypto world. For example, industrialists who want to do business globally. Gautam Adani or anyone can bring his own cryptocurrency
Looking at the way the Indian government has imposed tax on profits from cryptocurrencies, it seems that the government’s stance is to stop the expansion of cryptocurrencies, but this can happen if Indian companies enter this sector widely. Is. There may be a change in the government’s stance
Challenges of Jiocoin
Apart from the tax charged by the government, there are other challenges too. There are no less challenges in front of the future of cryptocurrency in India, whether it is Jio Coin or anything else.
All users trading in cryptocurrencies in India know that WazirX, which is a crypto exchange in India, has shut down and trading in it has stopped. Apart from this, a lot of money of investors is also stuck. That’s why investors have a lot of doubts about cryptocurrency.
And these doubts do not go away with the launch of any Jio Coin or any other coin. Apart from this, the Indian government also repeatedly warns investors against investing in crypto currency.