Billionaire Mukesh Ambani-led Jio Platforms, has partnered with internet technology company Polygon Labs and social media users are excitingly talking about its new venture, Jio Coin and sharing screenshots online. Furthermore, Reliance’s tech subsidiary, Jio Platforms, has partnered with Polygon Labs to bring Web3 and blockchain technology to India.

“JioCoins are blockchain-based reward tokens that users can earn by engaging with different mobile or internet-based apps as decided by Jio Platforms Limited (JPL) using their Indian-based mobile numbers,” read the FAQ section of Reliance.

According to a report of “CoinDCX”, Jio Coin is the newest project of Reliance Industries, bringing blockchain technology to India. Moreover, this virtual coin is said to be the India’s largest conglomerate’s entry into the world of crypto. Launch of this virtual coin could lead to more people in India using cryptocurrencies, said the “CoinDCX” report.

Notably, the official value of this JioCoin has not been revealed as of now. However, several media reports say that it could be valued around Rs 43 ($0.50) per token. Meanwhile, the market valuation of this digital token is not yet known.

ALSO READ: Reliance Jio Coin: Want To Earn Coins? Here’s Full List of Eligibility Criteria You Must Meet

Jio Coin: How Much Will You Be Taxed If You Generate Profit?

Reliance may make a formal announcement about Jio Coin soon, revealing details such as its value, features, and uses.

There might be the question in the minds of the buyers of JioCoin that what amount of tax, they will pay if they make any profit from the JioCoin. According to media reports in India, JioCoin will be subject to the same tax regulations as other cryptocurrencies. Currently, the cryptocurrencies are taxed at 30% on profits, with an additional 1% TDS.

ALSO READ: Is Jio Coin a Bitcoin-Like Cryptocurrency Or Just A Reward Token? Read This Before You Start Buying