Media: Facebook’s acquisition of Reliance Jio, India’s largest private group, may benefit the local crypto industry

Facebook announced on the 22nd that it will acquire shares in Reliance Jio, India’s largest private company. Reliance Jio said that Facebook will invest 435.74 billion rupees (about 5.7 billion US dollars) in it. This is the largest foreign direct investment (FDI) activity in India’s technology sector. The Indian crypto community is optimistic about this. Indian media Crypto Kanoon analyzed that “As more and more Indians begin to experiment with digital assets, the cooperation between Reliance Jio and Facebook will have an“ overflow effect ”on cryptocurrencies, and the Indian public Searches for words such as “Bitcoin” will also proliferate. In addition, Facebook’s cooperation with local companies in India may help them deal with various regulatory issues, including privacy and local storage issues. In the near future, Indian stores may begin to accept digital payments, and this digital asset may be Jiocoin. ” Last year, Reliance Jio announced plans to build the largest blockchain network in India.