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      Jio Financial Services Ventures into Web3 with CBDC and Blockchain Integration | Details Inside

      Mukesh Ambani’s financial capital, is getting to explore the Web3 world. He disclose his Web3-related plans during the 46th annual general meeting of Reliance Industries (RIL).

      Mukesh Ambani aims to keep a distance from highly volatile crypto assets for now, he does plan to explore the fields of blockchain and centralise digital currencies including the eRupee CBDC, which is currently in advance trials in India.

      Jio Financial Services (JFS) will be the brand’s point of entry into the Web3 sector.

      Jio Financial Services is the financial investment division of Reliance Industries that was initially call as Reliance Strategic Investments and was rebrand in July 2023.

      By Jio Financial Services, RIL will offer management services for digital assets.

      As part of its plan, Jio Financial Services has already struck a partnership with BlackRock, which is among world’s largest investment services provider that held assets worth $100.07 billion as of 18th August 2023.

      Mukesh Ambani Said :

      “Jio Financial Services will consolidate its payment infrastructure further driving digital adoption for India. Jio Financial Services products will explore pathbreaking features such as blockchain-based platforms and CBDC,”.

      Blockchain is the underlaying distributed ledger technology, which provides the foundational support for all the elements of Web3 including cryptocurrencies, non-fungible tokens, CBDCs and metaverse.

      Blockchain-based protocols can be automate and decentralise, which could eliminate the need for any middleman or intermediary to facilitate financial transactions.

      Also, information store on the blockchain is divide into small packages and spread across the network, which makes it more resistant to malicious changes and breaches as oppose to traditional servers.

      ALSO READ  Interest in Cryptocurrencies in India Appears to have Heated up in 2022 : CoinSwitch

      States like Maharashtra and Telangana are already leveraging the power of blockchain to fine-tune their healthcare and agriculture initiatives.

      While central bank digital currency or CBDC, is the virtual representation of any fiat currency, support on blockchain networks.

      Reserve Bank of India (RBI) is also working on introducing its own CBDC in India.

      CBDCs function like cryptocurrencies, but they are regularise and issue by the central banks.

      CBDCs not only smoothen online payment systems, but also reduce dependency on cash notes that could be cost efficient for the Reserve Bank of India.

      India’s CBDC call as the eRupee is already in its advance trial stages with multiple large state-own and private lenders participating in these trials alongside select small, medium, and big level merchants.

      RIL includes Jio’s network services, general stores, and petrol pumps among many others.

      RIL’s coming into blockchain and eRupee could have many Indians engage with these new-age technologies in the months to come.

      In April 2023, Reliance General Insurance said it had begun accepting the eRupee CBDC for premium payments.

      Reliance Retail had also announce that it would begin using India’s digital rupee CBDC across its stores in Mumbai.

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