Mukesh Ambani, Asia's richest man, launches his crypto on Polygon

Mukesh Ambani, Asia's richest man with an estimated fortune of over $100 billion, has just hit a major milestone in the crypto world. Its conglomerate Jio Platforms, telecommunications leader in India with more than 450 million users, launches JioCoin on the Polygon network

An Indian presents the Jiocoin crypto on Polygon

Indian giant Jio launches its crypto on Polygon

Mukesh Ambani, CEO of Reliance Industries and emblematic figure of the Indian economy, continues to expand his digital empire. After revolutionizing the Indian telecommunications market with Jio Platforms, which today has more than 450 million users, the billionaire is now tackling the crypto sector with JioCoin.

The token, developed in partnership with Polygon Labs, is part of Jio's expansion strategy towards Web3 and blockchain. For now, users can earn JioCoins by simply browsing the internet through JioSphere, although the tokens are not transferable or exchangeable.

Kashif Raza, CEO of Bitinning, suggests that JioCoin could become the currency of the Reliance ecosystem, allowing users to redeem their rewards for services like mobile recharges or purchases at the group's gas stations.

This initiative could potentially become “theThe world's largest rewards program »according to his comments on X.

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JioCoin, a project that intrigues the community

The Indian crypto community is welcoming this launch with a mix of curiosity and skepticism. Sunil Aggarwal, author of Bitcoin Magnet, raises crucial questions about the project's transparency, including the lack of a block explorer and information on the total token supply.

Some experts, like influencer Aditya Singh, suggest that JioCoin's non-tradable status could be a response to strict crypto regulations in India.

Indeed, the Indian regulatory context remains restrictive, with a 30% tax on crypto gains and a 1% withholding tax. Despite these hurdles, Aishwary Gupta, global head of payments at Polygon, sees this collaboration as an opportunity to explore the practical potential of blockchain in India.

This move by Jio could mark a turning point in the adoption of blockchain technologies in India, although its success will largely depend on its ability to navigate a complex regulatory environment while delivering real value to its millions of users.

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