RATE Group | Facebook-Jio deal could pave way for cryptocurrencies in India
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Facebook-Jio deal could pave way for cryptocurrencies in India

26 Apr Facebook-Jio deal could pave way for cryptocurrencies in India

Posted at 10:58h in Cryptocurrency News by

The mega Facebook-Jio deal could pave the way for the growth of cryptocurrencies in India driven by the former’s own digital currency Libra.

Last year, Facebook assembled a group of companies to create an open-source cryptocurrency Libra, which could potentially be used as a payment option in applications such as Messenger and WhatsApp.

Facebook, world’s largest social media company, recently invested $5.7 billion for a 9.99% stake in Reliance Jio Platforms. Experts see this as an opportunity for both companies to tap into the digital payments market while also promoting blockchain innovation in India.

Reliance Jio Infocomm Ltd (Jio) has already pledged to develop the biggest blockchain network in the world. The company made an official statement during the annual general meeting (AGM) on 12 August last year that it plans to install a pan-India blockchain network for industries.

So far, only startups are involved in blockchain and cryptocurrencies but…

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