A few days ago, the chairman of Reliance Industries said that he believes in blockchain technology and cited some reasons for doing so.

Here's Why Mukesh Ambani Is Betting On Blockchain Technology

Here’s Why Mukesh Ambani Is Betting on Blockchain Technology

Reliance Industries Chairman Mukesh Ambani has backed the proposed cryptocurrency bill

The Chairman and Managing Director of Reliance Industries (RIL), Mukesh Ambani has supported the Indian government’s proposed data privacy and cryptocurrency legislation. Mr Ambani, a proponent of Indians owning and controlling their own data and that the country is drafting stronger laws on how digital information is handled and shared, said India has the most forward-thinking policies and implementing the regulations. India’s richest man also said that he believes in blockchain technology, claiming that it can provide unprecedented security, trust, automation and efficiency for almost any type of transaction. He said this a few days ago during an interview at Infinity Forum, a fintech program.
The government is planning to introduce a bill in Parliament that would classify cryptocurrencies as financial assets, while protecting small investors. The bill is likely to set a minimum amount for investment in cryptocurrencies while prohibiting their use as legal tender.

Mr Ambani believes the country is on the “right track” when it comes to “introducing a data privacy bill and a cryptocurrency bill”. Here are some more reasons why Mr. Ambani is endorsing cryptocurrency and blockchain technology:

Belief in Blockchain Technology: Mr. Ambani is a big believer in Blockchain technology, which he feels is different from Cryptocurrencies. According to him, “Blockchain is very important to a faith-based equitable society”, and can be used to modernize the supply chains that make up the lifeblood of the economy.

Data is “new oil”: He also said that Data was “new oil”, but then went on to differentiate it from “conventional oil”. Ambani said that while traditionally oil was extracted at only a few locations, thus generating income only for select countries, the data could be generated and consumed by anyone and anywhere, and across all regions, geographies. and can create value equally across economic boundaries.

Digital-first revolution: Mr. Ambani reiterated that technology will change the world, adding that it was a digital-first revolution. It will be a way of life for digital people, which will be used in every technology. Five or six different types of technology will merge and revolutionize the entire planet.

The agenda for the current winter session of parliament is to introduce a bill banning all private cryptocurrencies, with few exceptions, to promote the underlying technology of the cryptocurrency and its purposes.

Even as the government is considering taxing gains from cryptocurrency investments, the Reserve Bank of India wants to ban digital assets completely as they pose a threat to the country’s macroeconomic and financial stability.

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