Reliance Jio, India’s largest telecom operator, has launched a reward token dubbed JioCoin on the Ethereum layer 2 network Polygon.
While there has been no official announcement from the company as of publication time, several users noticed the mention of JioCoin on JioSphere, the company’s proprietary web browser that’s available for both Androids and iOS-based devices.
What do we know about JioCoin?
Rumours about an in-house cryptocurrency being developed by billionaire Mukesh Ambani-owned Reliance Jio first surfaced in 2018.
At the time, local media reported that the telecom giant was putting together a young team of 50 members that would work on this token.
The project was set to be spearheaded by Akash Ambani, the eldest scion of Asia’s richest man and currently the Chairman of Reliance Jio Infocomm Limited.
He also came out as a staunch supporter of blockchain and cryptocurrencies and strongly advocated for the use of tech in areas like banking, fintech, real estate, and healthcare, among others.
However, little was shared regarding the technical details of how this alleged cryptocurrency would function or what its role would be.
Fast forward to 2025, on January 15, Jio announced that it had partnered with Polygon Labs and plans to integrate blockchain-based capabilities into its existing offerings that serve roughly 450 million Indians.
The announcement did not reveal any details on the exact nature of the products that were being developed, citing confidentiality, but just a day after, the JioCoin Wallet surfaced on the JioSphere browser.
JioCoin wallet on the JioSphere browser. Source: Invezz.
At first glance, JioCoin is heralded as a blockchain-based reward token designed to incentivise user engagement through Jio’s ecosystem, according to the terms and service section of the JioCoin wallet.
Participants earn JioCoins by completing various activities such as watching promotional content, participating in promotional events, and using services offered within the Jio ecosystem.
The earned tokens are credited quarterly to the user’s Polygon wallet and can be redeemed for goods and services provided by Jio and its affiliates.
These tokens can then be redeemed via a phased redemption system and used to acquire goods and services offered by Jio.
There’s also the possibility that the tokens might be convertible to fiat currency, as the terms of use also mention the requirement of a UPI-linked bank account for redemption.
As of publication time, JioCoins are neither transferable nor redeemable.
Complications could arise for Jio
JioCoin has been launched at a time when the regulatory landscape around cryptocurrencies in India remains undefined.
Regulators have remained relatively quiet on the matter and have only put in place a punishing tax framework that mandates crypto traders to part with 30% of their crypto gains on top of a 1% tax deduction at the source without loss offsets.
The Reserve Bank of India has even floated the idea of banning cryptocurrencies entirely and has instead promoted the digital rupee, the country’s central bank digital currency.
Yet India remains a powerhouse in terms of grassroots-level crypto adoption, with a lot of its young population turning to crypto for investment purposes.
Now, with JioCoin launched as the first cryptocurrency linked directly to one of India’s largest conglomerates, some form of feedback from regulators may be expected in the near future.
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