New Delhi: Are you planning to invest in cryptocurrency? In this article we inform you about the cryptos – Bitcoin and Jio Coin. At a time when Bitcoin has emerged as the strongest currency in the crypto world at present, Mukesh Ambani-led company has created a stir in the domestic market by introducing the Jio Coin in the market.
Bitcoin is a virtual coin and has been rising since Donald Trump won the US presidential election. The price of Bitcoin went North after the results of the US election were declared on November 5, 2024. The price of 1 BTC in Indian currency is around Rs 91,05,605 (at the time of writing this article).
One has to invest a huge amount of money to buy Bitcoin. It may be noted that cryptos not only rise at a very fast rate, but also drop at a fast pace. In India, earnings from cryptos invite 30 percent tax, 4 percent cess and 1 percent TDS on it. That means 35 percent of your income will be deducted in tax.
What is Jio Coin?
Meanwhile, Jio Coins have started appearing on some Jio platforms. According to reports, the Jio Coin is categorised as a blockchain-based reward token. The coins can be earned through interactions with Jio’s various apps and services, such as MyJio and JioCinema. It is also being reported that the tokens can be earned by browsing the internet using the JioSphere browser. At present, the tokens are stored in users’ Polygon wallets. However, at present, they cannot be transferred or sold.
According to some reports, Jio Coin will be available free to Jio users. Currently, its value on the platforms is 0 USD.
How To Earn Jio Coin?
Presently, there is no option available to buy a Jio Coin. Individuals need to use the JioSphere browser to earn the coins:
Interested people are required to download the JioSphere browser on their respective Android or iOS device.
The user needs to Sign up using a Jio number.
Next step is to click on the profile icon and select the ‘Jio Coin Wallet’ option.
Once logged in, the users can start earning tokens.
Important note: The Indian government does not recognise cryptocurrency as legal tender, but earnings from cryptocurrency are subject to a 30% tax, along with a 1% TDS (Tax Deducted at Source).
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds and crypto assets.)
This article compares Bitcoin, the dominant cryptocurrency, with the newly launched Jio Coin. It details Bitcoin’s current high price and the substantial tax implications of crypto investments in India. Jio Coin, a blockchain-based reward token, is explained, highlighting its current limitations (no buying, selling, or transfer) and how users can earn it through Jio platforms. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
