One of the most popular reality TV shows, Kaun Banega Crorepati ( Who Wants to Be A Millionaire?) recently asked a contestant about Facebook’s Libra and then had a brief discussion about cryptocurrencies in general. 

The contestant Himanshu Dhuria, the 19 –year old contestant is presently training to be a commercial pilot. The question posed to him was, “What is Libra, proposed by Facebook? The options given were “artificial intelligence camera, instant messenger app, short video platform, and cryptocurrency.

Without using one any of his lifelines, Dhuria correctly answered that Libra was a cryptocurrency.

Veteran Actor, Amitabh Bachchan then briefly explained what cryptocurrencies are, stating:

“Cryptocurrency is a form of digital and global money system — currency. Bitcoin, litecoin, [and] ripple are some existing cryptocurrencies.”

Interestingly, Jio has been a big advertiser for KBC. The list of sponsors includes Marazzo, Raymond, Big Bazaar, Asian Paints, Axis Bank, and Syska Wires & Cables.” While Dhuria was paid INR 40,000 for answering this question, KBC would have likely earned crores from Jio for defaming Libra. A perfect scenario of indirect advertising at its best!

Since Facebook’s announcement, Libra has been under strict scrutiny due to Facebook’s huge consumer base, which could eventually lead to a fall of central banks worldwide. Lawmakers around the world have tried to stop Facebook from continuing its work on the project.

Despite the crypto conundrum in India, Reliance recently announced plans to partner with a number of global tech firms and launch what would eventually be India’s most prominent blockchain network. Reliance is reportedly running these projects through its network subsidiary, Jio, which has already taken over the mobile network industry in India.

One of the top tech giants which Reliance is partnering with for this project is Microsoft. The partnership will give Reliance access to Microsoft’s Azure, Microsoft AI, and Microsoft 365.

These platforms will be imperative in setting up and launching new data centers in India, which will thus help in taking forward the blockchain project with ease.

With several talks about cryptocurrencies in India, it will be interesting to note the ultimate fate of cryptos in India. Will there be a favorable resolution to the conundrum or is a ban likely? Let us know what you think?