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Published 10:52 IST, January 25th 2025

Reliance Jiocoin: What Is It? Can You Buy It Online? All You Need To Know

India does not recognize cryptocurrency as legal tender. Crypto earnings are taxed at 30%, with a 1% TDS

Reported by: Musharrat Shahin
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Jio Coin
Jio coin | Image: Pixabay

Mukesh Ambani , India's richest businessman, has joined hands with Polygon Labs through Reliance Jio to promote blockchain and Web3 technologies. This partnership aims to enhance Jio's digital services and offerings.

Jio Coin is a blockchain-based reward token that users can earn by interacting with Jio apps and services like MyJio and JioCinema. Tokens can also be earned through the JioSphere browser. These tokens are stored in Polygon wallets, but currently, they cannot be transferred or traded.

Let's know more about this Coin and its features:

What Is Jio Coin?


Jio Coin is a blockchain-based reward token and not a traditional cryptocurrency like Bitcoin. It cannot be bought, sold, or traded on crypto exchanges, so it currently has no market value. Unlike Bitcoin, which has a limited supply, Jio Coin is unlimited. Its value depends on Reliance's guarantees and use cases rather than intrinsic scarcity or tangible assets like gold or Bitcoin.


It is built on Ethereum Layer 2 technology, ensuring scalability and efficiency. This makes it different from classic cryptocurrencies because its purpose is more focused on rewarding user engagement within Jio's digital ecosystem rather than serving as a tradeable digital currency.

Jio Coin: What's the role of Ethereum?


Jio Coin is based on the foundation of Ethereum's Layer 2 network. Ethereum is the world's second largest cryptocurrency and valued at $3,389.91 with a market cap of $408.68 billion. It has been ten years since the launch of Ethereum in 2015, and Ethereum's price has went from $2.77 to $3,389.91. This demonstrates how blockchain technologies work and how promising it is; in the case of Jio Coin, for example.

Jio Coin: How To Earn


Jio Coin rewards its users for interactions with Jio's apps and services. So far, it is possible to earn these tokens using the browser app called JioSphere introduced by Jio. In the near future, one can also do this in the MyJio, JioCinema, and JioMart apps.


Download the JioSphere App on your Android, iOS, or compatible device to begin earning. Create an account by using an Indian mobile number and, under the application's profile section, activate the Jio Coin Wallet. With this registration, you begin to get paid in the form of Jio Coins for surfing the web, watching movies, reading articles, playing games and more, making Jio Coin a very interactive reward system for Jio's digital user base.

Jio Coin: Value


There is no word on the price of Jio Coin. The reports say the initial value will be around $0.5 (Rs 43.30). The value may rise as usage grows once it will allow redeeming those points as Jiocoin. 

JioCoin: Government's View


India does not recognize cryptocurrency as legal tender. Crypto earnings are taxed at 30%, with a 1% TDS (Tax Deducted at Source). Finance Minister Nirmala Sitharaman has reiterated the government's strict stance on cryptocurrencies. 

Updated 11:04 IST, January 25th 2025