Jio Platforms, led by Billionaire Mukesh Ambani, has partnered with internet technology company Polygon Labs and social media users are excitingly talking about its new venture, Reliance Jio Coin and sharing screenshots online. Additionally, 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,” the FAQ section of Reliance read.
Jio Coin is the newest project of Reliance Industries, bringing blockchain technology to India, said a report of “CoinDCX”. Moreover, this virtual coin is said to be Reliance’s entry into the world of cryptos. According to the report, launch of this virtual coin could lead to more people in India using cryptocurrencies.
It is worth noting that the official value of this JioCoin has not been revealed as of now, but 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 known, as of now.
Reliance Jio Coin: How Are Cryptocurrencies Taxed In India?
Reliance may make a formal announcement about Jio Coin soon, revealing its value, features, uses, and other details.
The government has formally classified digital assets, including cryptocurrencies, as “Virtual Digital Assets”. Consequently, profits from the sale or transfer of these virtual digital assets, such as cryptocurrencies and NFTs, will be subject to a 30% tax (plus 4% cess) rate.
A 1% Tax Deducted at Source (TDS) will be applicable on crypto asset transfers, if the total transaction value exceeds Rs 50,000 (or Rs 10,000 for certain cases) within the same financial year.
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