Indian Billionaire Mukesh Ambani's Firm Will Explore Blockchain Platforms and CBDCs

Reliance Industries, led by Chairman Mukesh Ambani, is entering the world of blockchain and central bank digital currencies (CBDCs) through its financial services entity, Jio Financial Services, with plans to consolidate payment infrastructure and explore blockchain-based platforms and CBDCs.

coindesk.com

Relevant topic timeline:

8/3/2023

Emtech to advance its regtech and CBDC stack solutions with $4M led by Matrix Partners India

The main topic is Emtech's Central Bank Digital Currency (CBDC) Innovation kit and its $4 million seed investment led by Matrix Partners India. The key points are: 1. Emtech introduced its CBDC Innovation kit for fintechs and financial service providers interested in experimenting with digital currencies pioneered by central banks. 2. The $4 million seed investment, led by Matrix Partners India, will support the development of Emtech's CBDC stack and regtech solution. 3. Emtech is currently working with six central banks, including Ghana, Nigeria, and the Bahamas, to develop regtech and CBDC stack solutions. 4. The company aims to digitize cash infrastructure for central banks and promote fintech-friendly CBDCs. 5. Emtech's CBDC Innovation Kit includes a regulatory sandbox and a simulator wallet for fintechs to test transactions and new business models. 6. The company has about 200 fintech companies on its waitlist to work on the platform. 7. The deployment of CBDCs has the potential to turbocharge financial inclusion in Africa and other regions.

8/21/2023

Ripple reveals 8 countries building CBDCs on XRP Ledger

Ripple has launched a Central Bank Digital Currency (CBDC) platform on the XRP Ledger, and already over 8 countries, including Russia, Japan, and the UAE, are building CBDCs on the platform, with more than 15% of global nations in talks with Ripple to adopt its technology.

8/23/2023

CBDCs offer faster settlements: Citi survey of global securities firms

The growing support for central bank digital currencies (CBDCs) is driven by efforts to shorten financial settlement cycles, with 87% of survey respondents seeing CBDCs as a viable option for faster settlements by 2026, according to a report by Citi.

8/28/2023

Reliance has invested $150bn in last 10 years; Ambani scions appointed as board directors; JioAirFiber to be launched on Sept. 19: Key points - Times of India

Reliance Industries, led by Mukesh Ambani, has invested $150 billion in the past decade, making it the largest investment by any Indian corporation, with a focus on transforming India into a premier digital society through initiatives such as Jio 5G and AI-powered solutions.

9/4/2023

Bank of China: Platforms must provide digital yuan retail payment option

China's central bank digital currency (CBDC), the digital yuan, is undergoing upgrades and wallet providers should enable payment options in all retail scenarios through the integration of CBDC QR codes.

9/5/2023

India cenbank plans to widen use of digital currency - source

The Reserve Bank of India is set to introduce its central bank digital currency (CBDC) in the call money market as tokens for call money settlement.

9/7/2023

New Thailand Govt Turns to Blockchain and Crypto Wallets for National Airdrop

Thailand's newly appointed government plans to distribute a cash handout to citizens using blockchain and crypto wallets, aiming to promote digital finance and reduce income disparities. The move is seen as a warm-up for the deployment of Thailand's central bank digital currency (CBDC) and is expected to add at least 2 trillion baht ($56 billion) to the economy. However, critics have raised concerns about the source of the funds and the potential erosion of privacy and financial freedom.

9/11/2023

Global Rush to Launch Digital Currencies Threatens U.S. Dollar Dominance as Fed Drags Feet on Digital Dollar

The USA is unlikely to launch a Central Bank Digital Currency (CBDC) anytime soon, according to Michael Barr, the Federal Reserve's Vice Chair for Supervision, as it could pose risks to financial stability and the US payments system.