Jio-Facebook deal likely to boost adoption of crypto-blockchain in India

Social media giant Facebook’s decision to pick up a minority stake in Reliance Industries-owned Jio is likely to boost the adoption of cryptocurrency and blockchain technology in the country.

According to experts tracking this development, this may result in Reliance Jio piloting a cryptocurrency that can be unilaterally used for discounts or reward points within its telecom, entertainment and e-commerce businesses, once regulatory hurdles are cleared. The behemoth is also expected to look at using blockchain technology for easing supply chain constraints, they said.

“It certainly is a significant development considering that both the giants have a massive interest in blockchain and cryptocurrency. It will only be a matter of time before we see the two forces join to bring in some blockchain or cryptocurrency-based payments into the already thriving digital payment space in India,” said Ashish Singhal, co-founder and CEO of…