Reliance Industries Ltd. to explore CBDCs and blockchain through Jio Financial Services
According to CoinDesk, Reliance Industries Ltd., chaired by Asia's richest man, Mukesh Ambani, is entering into blockchain and central bank digital currencies (CBDCs) through its new financial services subsidiary, Jio Financial Services (JFS). Launched earlier this month, JFS will consolidate payment infrastructure, offering services for both consumers and merchants, and focus on exploring pathbreaking features such as blockchain-based platforms and CBDCs.
Reliance Retail, the largest retail chain in India, previously accepted the country's digital rupee or CBDC during its pilot phase in February 2023. Now, with the announcement of Ambani's interest in the space, the company is expected to fully embrace CBDCs and blockchain technologies, adhering to the highest standards of security and regulatory norms as it develops new products.