Mukesh Ambani, The Richest Man In Asia, Launches His Cryptocurrency On Polygon

Mukesh Ambani, the richest man in Asia with an estimated fortune of over 100 billion dollars, has just taken a major step in the crypto world. His conglomerate Jio Platforms, a leader in telecommunications in India with over 450 million users, is launching JioCoin on the Polygon network.

The Indian giant Jio launches its crypto on Polygon

Mukesh Ambani, CEO of Reliance Industries and an iconic figure in the Indian economy, continues to expand his empire in the digital realm. After revolutionizing the Indian telecommunications market with Jio Platforms, which now has over 450 million users, the billionaire is now targeting the crypto sector with JioCoin.

The token, developed in partnership with Polygon Labs, is part of Jio’s strategy to expand into Web3 and the blockchain. For now, users can earn JioCoins simply by browsing the internet via JioSphere, although the tokens are neither transferable nor exchangeable.

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

This initiative could potentially become “the largest rewards program in the world“, according to his statements on X.

JioCoin, a project that intrigues the community

The crypto community in India welcomes this launch with a mix of curiosity and skepticism. Sunil Aggarwal, author of Bitcoin Magnet, raises crucial questions about the project’s transparency, notably the absence of a block explorer and information about the total supply of tokens.

Some experts, like influencer Aditya Singh, suggest that the non-tradable status of JioCoin 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 obstacles, Aishwary Gupta, global head of payments at Polygon, sees this collaboration as an opportunity to explore the practical potential of blockchain in India.

This Jio initiative could mark a turning point in the adoption of blockchain technologies in India, even if its success will largely depend on its ability to navigate a complex regulatory environment while providing real added value to its millions of users.