Is jioCoin India new cryptocurrency or just a reward token know complete information here

JioCoin: Reliance Jio, one of the largest telecom companies in India, K JioCoin is being discussed a lot. Amid the growing craze of cryptocurrency in India, many people consider it to be the next big digital currency of the country, while some are only calling it part of Jio’s reward system. But before you flow in this hyp, it is important to understand what JioCoin is actually and what is not.

What is JioCoin?

JioCoin is a digital currency, which is developing Reliance Jio. However, it would not be right to call it a traditional cryptocurrency. According to reports, it is not a completely blockchain -based and decentralized cryptocurrency like Bitcoin or Ethereum, but can be seen as a reward token or digital loyalty points.

The main objective of JioCoin is to include it in Jio’s digital ecosystem. It is built on Polygon blockchain technology and can be used to reward Jio customers. For example, if a customer makes shopping from Jiomart, watches movies on JioCinema or using other digital platforms of Jio, he can be given JioCoins. It can be called a new era lady program, where users can earn exemption or other benefits on Jio’s services by earning JioCoins.

How will JioCoin work?

JioCoin is not just a free token, which should be given unconditionally. Behind this is a strategy to increase users’ participation in Jio Ecosystem. If you browse the web from Jiosphere browser, watch movies on JioCinema, shop from Jiomart or use other services of Jio, then you can get JioCoins.

This means that JioCoins are not just a token, but a means of increasing customer brands. The more a customer uses the services of Jio, the more JioCoins will get it, which will further strengthen Jio’s loyalty system.

JioCoin vs traditional cryptocurrency

It would be wrong to consider JioCoin as a cryptocurrency like bitcoin or ethereum. Traditional cryptocurrency is decentralized, that is, no one company or institution has control over it. Conversely, JioCoin will be fully controlled by Reliance Jio and will be used mainly as exemption and rewards in Jio’s services.

JioCoin is not an investment asset or independent digital currency, rather it is a means of connecting a customers with Jio ecosystem. The biggest feature of JioCoin is that it has been developed on polygon blockchain. This partnership between Reliance Jio and Polygon can bring a big change in India’s digital currency system. Jio platforms ltd. (JPL) and Polygon Labs this partnership can make web3 technology easier for more than 450 million users.

Will JioCoin be the future digital reward system?

JioCoin can definitely become a part of India’s digital revolution, but it is not going to be a cryptocurrency like Bitcoin. Instead, it can become a new example of the use of digital tokons to connect customers by brands.

JioCoin can be used for discounts, free services and other benefits on JIO data plans. However, those who consider it an independent cryptocurrency should keep their expectations balanced.

Government’s eye on JioCoin

Strict rules are applicable on digital assets in India. The government has already imposed 30% tax and 1% TDS on cryptocurrency. In such a situation, JioCoin will be considered as a taxable asset or just a reward token – it is not clear yet.

The Reserve Bank of India (RBI) and SEBI can monitor it. If JioCoin is successfully launched, it can help in shaping the future of the use of digital tookons by companies in India.

JioCoin is an interesting digital project, but it would not be right to call it completely cryptocurrency. It is mostly a means of increasing customer connectivity within Jio ecosystem, which has been developed in collaboration with Polygon blockchain. In future, JioCoin can benefit customers in data plans, shopping, entertainment and other services, but those who consider it a means of investment like bitcoin should be careful.

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