Facebook's investment in Jio might pave way for crypto in India

Tuesday 28 April 2020 06:45 CET | News

Facebook has recently invested USD 5.7 billion for a 9.99% stake in Jio Platforms, an Indian telecom company and subsidiary of Reliance Industries, headquartered in Mumbai, Maharashtra, India.

Experts see this as an opportunity for both companies to tap into the digital payments market while also promoting blockchain innovation in India, according to LiveMint. Reliance Jio Infocomm has already pledged to develop a large blockchain network. Back in 2019, the company made an official statement that it plans to install a pan-India blockchain network for industries.

The Facebook-Jio deal could pave the way for the growth of cryptocurrencies in India driven by the former’s own digital currency Libra. In June 2019, a group of companies joined Facebook to create an open-source cryptocurrency Libra, which could potentially be used as a payment option in applications such as Messenger and WhatsApp.

Currently, Libra is in the process of seeking regulatory approvals in different parts of the world including in the US and Europe. Overall, it is too soon to say if it will be launched in India, even as the Supreme Court has lifted the Reserve bank of India (RBI)’s ban on virtual currencies, the online publication concluded.
More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Jio Platforms, Facebook, Libra, blockchain, cryptocurrency, India, mobile payments, WhatsApp, crypto
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: India
This article is part of category

Blockchain & Cryptocurrencies