Bitcoin is the largest cryptocurrency in the world, and its market never remains stable. Today (1st Feb 2025) the price of Bitcoin has reached $102,210, which is a decline of 2.09% compared to the previous day. Last month (5th December 2024) Bitcoin touched its all-time high above $100,000, which was a historic moment.
Bitcoin’s rise and Trump’s impact
Ever since Donald Trump has taken over the US presidency again, the crypto market is seeing a positive impact. The Trump administration’s crypto-friendly stance has become a confidence booster for investors. However, after the approval of new Bitcoin ETFs in the US, institutional investors are also making big investments in Bitcoin.
But the scenario in India is different. Here, there is still a flat tax of 30% and 1% TDS on crypto, which is a big challenge for trading. Moreover, the security breaches of Indian exchanges like WazirX also weakened the trust of investors.
JioCoin: Reliance’s Entry in the Crypto World
Now Reliance has prepared to launch JioCoin. JioCoin is based on Polygon Labs’ blockchain network and users can earn from it for free in JioSphere web browser. According to reports, these coins can be used for mobile recharge, bill payments, and Jio services. Although its official trading price is not confirmed yet, media reports suggest that it could be priced at ₹43 ($0.50) per token.
The concept of JioCoin is of a blockchain-based reward token that can be integrated into the Web3 ecosystem. Meaning, in future it can also be used in NFTs, gaming and metaverse.
Bitcoin vs JioCoin: What is the difference?
Will India’s crypto market change?
Crypto regulation is still a grey area in India. RBI and the government are yet to take an official stance on whether crypto should be considered a legal tender or not. If Reliance’s JioCoin is successful, it is possible that Indian regulators may make policies in favor of Web3 and blockchain.
But if JioCoin is limited to a closed-loop ecosystem (meaning it can be used only in Jio services), then it can become a token with limited adoption.
It will be interesting to see in the coming days whether JioCoin becomes a part of a new financial revolution or just remains a loyalty program!