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Indian Billionaire Mukesh Ambani's Firm Will Explore Blockchain Platforms and CBDCs
India has already made significant progress towards a wholesale and retail CBDC even though a full-scale launch is awaited.
Updated Aug 28, 2023, 10:52 a.m. Published Aug 28, 2023, 10:52 a.m.
Reliance Industries Ltd. is entering the world of blockchain and central bank digital currencies (CBDCs), its Chairman and Asia's richest man, Mukesh Ambani, announced on Monday.
Ambani's Reliance ventured into the financial sector through its new financial services entity, Jio Financial Services (JFS), launched earlier this month. The development received further momentum with the announcement that BlackRock (BLK) would be a partner. Ambani's Reliance has been one of the most important players in India's digital growth story and its latest foray into CBDCs and Blockchain was declared during the company's biggest event of the year – the annual general meeting.
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"JFS will consolidate its payment infrastructure, with a ubiquitous offering for both consumers and merchants further driving digital adoption for India," Ambani said. "JFS products will not just compete with current industry benchmarks but also explore pathbreaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times."
While another Reliance entity, Reliance Retail, the nation's largest retail chain had started accepting India's digital rupee or CBDC during its pilot phase in February 2023, the announcement on Monday reflects greater intrigue in the space.
India has already made significant progress towards a wholesale and retail CBDC even though a full-scale launch is awaited.
Read More: Unpacking India's CBDC Pilots as Country Prepares for Digital Rupee
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