India’s upcoming cryptocurrency legislation has got the backing of the country’s richest man.
Mukesh Ambani, chairman and managing director of Reliance Industries, said on Dec. 3 that he believes in blockchain technology. It can extend unprecedented security and trust, besides ensuring automation and efficiency, to nearly any form of transaction, he said at Infinity Forum, a global financial tech event.
“Blockchain is a technology I believe in and it’s different from crypto. I think smart token is making sure that you are creating transactions that can never be changed,” he said. “Today it still is a world where large companies get easier finance and small companies don’t get easier finance, and the same thing with people, and I think that will change.”
Ambani also suggested that inevitable changes will happen in the decentralised finance (DeFi) sector in the next 10 years. DeFi is a blockchain-based form of finance that can operate without brokerages, stock exchanges, or even physical banks, working on small programmes known as smart contracts.
“I think…the convergence of the distributed ledger and blockchain technologies, smart tokens…the convergence of (the) physical and digital through loT (internet of things) will enable and redefine the decentralised financial sector in a way we have never imagined,” he added.
Ambani’s statement comes at a time when India’s Narendra Modi government is readying a cryptocurrency bill that will classify virtual tokens as a financial asset while safeguarding small investors.
The country, the businessman said, is on the “right track” when it comes to introducing the data privacy bill and the cryptocurrency bill.
Interestingly, while the bill to regulate cryptocurrencies is a priority for the government, Reserve Bank of India governor Shaktikanta Das feels blockchain technology that underpins cryptocurrencies could exist on its own even without the currency.