Indian Giant Tech Reliance Industries To Enter In Blockchain Business

On Sep 4, 2023

The popular & successful Asia’s business entrepreneur Mukesh Ambani confirmed that he will step into the crypto & blockchain sector.

Reliance Industries Limited is an Indian multinational conglomerate, headquartered in Mumbai (India). This company was founded by late Indian business entrepreneur Dhirubhai Ambani 65 years ago. Mukesh Ambani is the current chairman & director of this company. Because of Ambani, Reliance Industries stands in the top 100 companies in the world.

Recently Asia’s richest person Mukesh Ambani stated that Reliance Industries is now getting in the world of blockchain technology & the company will focus development around central bank digital currency (CBDCs).

Just a month ago, Reliance’s subsidiary Jio Financial Services (JFS) jumped into the financial sector to show the company’s dominance in the money market via innovative financial services. For this, JFS will get support from giant fund manager BlackRock.

In Feb 2023, Reliance’s another subsidiary Reliance Retail started accepting CBDC (Digital Rupee) and with that Reliance became the first company in India that started accepting CBDC payments.

Chinese crypto blogger Colin Wu shared this news with the Crypto community and indirectly claimed that Reliance Industries is going to enter the crypto sector, which is not regulated in the Indian jurisdiction.

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. The current Indian policy is very unfriendly to cryptocurrencies, and teams such as Polygon have…
— Wu Blockchain (@WuBlockchain) September 3, 2023

The majority of the Crypto X (Twitter) users said that Reliance Industries is not going to enter the crypto sector, instead it will boost development activities around CBDC so that all of its companies can easily accept payment digitally. In short Reliance Industries is going to enter into the blockchain development related works & not going to bring anything for Crypto.

India, G20, & Crypto

G-20 summit leadership is in India’s hands and India is doing well. During several G-20 meetings, Indian government agencies brought several matters to increase cooperation between G-20 member countries to fight against challenges.

The Indian finance ministry brought up the matter of cryptocurrency regulation and proposed the idea of regulating the whole crypto sector under the global regulatory framework, to keep every type of crypto-related illegal activity away.

Recently Indian Prime Minister Narendra Modi passed a statement about cryptocurrencies and said that there is a need to develop an international regulatory framework to regulate the crypto sector so that all the countries can adopt the same framework with the help of their corresponding existing rules.

Read also: Matter Labs co-founder proposed the “Ethereum Supreme Court” idea