Jio Coin is still more of a rumor right now than an actual coin.
We would have to wait for the real announcement to happen before we can jump to conclusions.
But considering the goodwill of Ambanis in the industry, I'm sure their decision to launch a coin will positively affect the decision of the government to legalize cryptocurrency and not mess too much with it.
Currently it is at the preliminary discussion where the team is being setup and they are analyzing how it can benefit and what is the scope if the coin is being bought. Once they have the outline ready they would have to go and take approval form the government or will wait government clears the air if it would be banned in India or would be under law which they will frame now. After acceptance then we wil know the exact status of the Jio coin.