New Delhi: Reliance Industries chairman Mukesh Ambani said he believes in blockchain technology and it will “redefine the financial sector in a bigger way than we ever imagined”.
Speaking at the Infinity Forum hosted by the International Financial Services Center Authority (IFSCA), Mukesh Ambani said, “Blockchain is a technology that I believe in and it is different from crypto. It provides equitable and trustworthy transactions and trust- There is a very important framework for based society.”
“I think the convergence of real-time, distributed ledger and blockchain technologies, smart tokens, the convergence of physical and digital through IoT will enable and redefine the decentralized financial sector in a way we never imagined I think this is happening in the coming 10 years, and again it will be a prerequisite for a great economic growth,” Mukesh Ambani said.
Ambani said he supports the proposed data privacy and cryptocurrency billIt is set to be introduced in the winter session of Parliament.
Ambani said the country already has a vast infrastructure of digital identity through Aadhaar, digital bank accounts and digital payments. “India is implementing the most forward-looking policies and regulations,” Ambani said.
Read also: Reserve Bank of India is ready to launch its own cryptocurrency. Know what is CBDC
The Center is set to introduce a new bill to treat cryptocurrencies as financial assets while protecting small investors. The law may set a minimum amount for investment in digital currencies while banning their use as legal tender, reported PTI.
Ambani also said that India is witnessing a digital-first revolution and the country is on the verge of building a digital society. “We are on the verge of building a digital society. And I believe that like China-led manufacturing, India will lead a digital society and become a global leader in its own right,” he said.
Describing the data as “new oil”, Ambani said, “new oil is fundamentally different from conventional oil because conventional oil was extracted only in select locations – thus, it created wealth for only a few countries. In contrast, New oil – that is data – can be generated and consumed by everyone and everywhere. “It has the potential to create value equally across economic classes, across geographies, across sectors.”
Mukesh Ambani said that India is completely changing from 2G to 4G. “We are in the process of building an equally affordable ecosystem of devices to enable greater adoption, supported by the rapid rollout of optical fiber, cloud and data center infrastructure,” he said.
“The next step will be the connectivity of machines, devices and vehicles, which is the Internet of Things. With the 5G rollout in India next year, we are on our way to have one of the most advanced digital infrastructure anywhere in the world.” Chairman of Reliance Industries said.
,