Reliance Industries Ltd., led by Asia’s richest man Mukesh Ambani, has announced its entry into the world of blockchain and central bank digital currencies (CBDCs). The development was revealed during the company’s annual general meeting, and follows the launch of its new financial services entity, Jio Financial Services (JFS), earlier this month. The partnership with BlackRock (BLK) further solidified the venture.
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.
Reliance Retail, another Reliance entity and India’s largest retail chain, had already started accepting India’s digital rupee or CBDC during its pilot phase in February 2023. The announcement on Monday reflects the company’s increased interest in the space. India has made significant progress towards a wholesale and retail CBDC, though a full-scale launch is still awaited.