Mukesh Ambani’s JioCoin has been one of the most anticipated digital currencies, eagerly awaited by millions of Indians. However, its launch was surprisingly quiet, without much hype or fanfare. People are still wondering how, what, and where they can benefit from this homegrown digital currency. Here’s a closer look at what’s happening with Jio Coin.
Will Reliance Jio Coin Dominate India’s Crypto Industry?
The quiet and low-profile launch of Jio Coin has puzzled experts in the cryptocurrency industry. They believe this calm is temporary and expect a major disruptive move by the Reliance Group, similar to what happened in 2016 when Jio Telecom shook up the telecom sector by offering free data and calling services, ultimately changing the competition in India’s telecom market.
What Experts Think
Various reports suggest that, like that ‘telecom revolution’, cryptocurrency industry experts believes that, Reliance is adopting a similar strategy to dominate the market. They anticipate a major announcement soon. Meanwhile, the Indian government’s potential shift in crypto regulations (which was also included in the new tax bill) is another key development that Reliance is likely monitoring closely before making its next big move. Crypto enthusiasts have several unanswered questions about this new venture. In this article, we will address them one by one. So, let’s dive in without further delay.
Reliance Jio’s Foray into India’s Telecom Industry in 2016
Reliance Jio entered India’s telecom sector in 2016 with strategy, offering free calls and data for over a year. The approach was clear which was adapted only by bold businessmen- The ‘entry’ forced competitors to either adapt or exit, helping Jio acquire millions of subscribers within six months and become the market leader in just a year.
Reliance has since applied this strategy across various digital sectors as well—entering a market with attractive offers and discounts, providing free services, challenging competitors, and ultimately emerging as the dominant player.
If Reliance Jio adopts the same strategy in the cryptocurrency market, it could follow a similar playbook. Leveraging its vast user base, the company might introduce crypto services with minimal entry barriers, potentially reshaping India’s crypto landscape.
Also Read: What is the price of a Jio Coin? How can you earn $0.50? – Mukesh Ambani’s Big Plan
Crypto In India Will Be ‘Undisclosed Income’
The new provision in the upcoming Income Tax Bill will classify cryptocurrencies and other unreported digital assets as “undisclosed income” during searches by tax authorities. The new tax bill classifies “undisclosed income” as any unreported assets or transactions, such as money, bullion, jewelry, or virtual assets like cryptocurrency. The inclusion of cryptocurrency in the new tax bill comes alongside traditional assets like gold and bullion. This move aims to increase scrutiny of hidden assets and transactions, ensuring transparency and accountability in financial dealings.
The new tax bill classifies “undisclosed income” as any unreported assets or transactions, such as money, bullion, jewelry, or virtual assets like cryptocurrency. The inclusion of cryptocurrency in the new tax bill comes alongside traditional assets like gold and bullion. This addition means that, just like physical assets, digital currencies will be considered as “undisclosed income” if not properly declared during tax searches.
Potential Value And Market Impact
The official price of Jio Coin has not yet been announced. However, early estimates in the business sector suggest it could enter the market at around $0.50 (₹43.30) per token. Notably, Jio Coin’s value is expected to rise as it integrates with Jio’s larger ecosystem, including Jio Mart, Reliance petrol stations, and other key brands.
Mukesh Ambani envisions JioCoin as a way to bring blockchain technology to the masses. With Jio’s massive user base of over 450 million, this move could be a game-changer, potentially driving wider adoption of Web3 in India. If successful, Jio’s entry into blockchain might make decentralized technology more mainstream and accessible than ever before.
