Reliance Has Cryptocurrency Potential With Telecom ServiceAs India’s biggest telecom operator, if Reliance were to bring state-of-the-art digital payments to its Jio platform, it would provide unmatched benefits for all stakeholders. Reliance now has two large investors with deep ties to the cryptocurrency industry. Mubadala has previously invested in blockchain ventures. The company has, however, also invested in a wide range of investments across multiple sectors. The deal is good news for Indian cryptocurrency supporters. Managing Director and Group CEO, Khaldoon Al Mubarak explained that the investment would “further the development of the digital economy.” rebranded its wallet to Novi, while changing the design to appease lawmakers. The new Libra design is noticeably dissimilar to its predecessor in some ways, and generally speaking, critics continue to fire shots at Libra from multiple angles.
India to Gain Ground with FintechReliance Industries has a chance to push for innovative fintech solutions in a market that is most apt for it. Facebook and Mubadala have much to gain by working with Reliance Industries, though we won’t know for some time what their plan is for the future of India’s digital economy. Such a solution would allow India to gain some ground in the global race towards economic digitization. China has already begun trialing its Central Bank Digital Currency (CBDC) solution, besides several other blockchain initiatives. India would benefit greatly by investing more resources into similar solutions, particularly as the majority of the population now lives in non-urban areas, thereby bringing them into the global economy.
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