Jio Platforms, led by billionaire Mukesh Ambani, has partnered with internet technology company Polygon Labs. Soon after the announcement made public, social media users are interestingly talking about the Jio Coin and sharing its screenshots online. Notably, Reliance’s tech subsidiary, Jio Platforms, has partnered with Polygon Labs to bring much talked Web3 and blockchain technology to India.
Jio’s virtual coin is reportedly to be the Reliance Industries’ newest plan, bringing blockchain technology to India, said a report by “CoinDCX”. It is worth noting that this virtual coin is anticipated to be the India’s largest conglomerate’s entry into the world of cryptocurrencies. According to “CoinDCX”, JioCoin’s launch could lead to more people in India using cryptocurrencies.
Notably, the Reliance has still not disclosed the official valuation of this virtual coin. However, there are media reports estimates that suggest it could be valued around Rs 43 ($0.50) per token.
Whereas, the Digital Rupee (e₹) is India’s official digital currency, issued by the Reserve Bank of India (RBI) itself. It’s a digital version of the physical Indian Rupee, offering the same convenience, security, and finality as cash. Users can store e₹ in a digital wallet and use it to send/receive money or make transactions, just like using physical cash.
Jio Coin Vs Digital Rupee: Key Differences
- Jio Coin can be termed as cryptocurrency, but e₹ is not a cryptocurrency.
- The value of Jio Coin will be fluctuated as per the trends of the crypto market, whereas e₹ is the digital version of Rupee and its price will be dependent on the value of the currency.
- Jio Coin will be subject to crypto market risk, whereas e₹ is safer and is not the subject to market’s volatility.
- The Jio’s virtual coin can be used as investment and can offer returns, but e₹ is not a type of investment, it’s just like keeping your money in digital format.
- e₹ is issued by the RBI itself, whereas Jio issues its virtual coin.
- There is not much similarity between Jio Coin and e₹ as both offers different facilities.
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