Facebook-Jio deal could pave way for cryptocurrencies in India

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.