India has already made significant progress towards a wholesale and retail CBDC even though a full-scale launch is awaited.

Reliance Industries Ltd. is entering the world of blockchain and central bank digital currencies (CBDCs), its Chairman and Asia's richest man, Mukesh Ambani, announced on Monday.

Ambani's Reliance ventured into the financial sector through its new financial services entity, Jio Financial Services (JFS), launched earlier this month.

The development received further momentum with the announcement that BlackRock (BLK) would be a partner.

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