By Shelly Melancon (Switzerland)
Mukesh Ambani, the wealthiest man in Asia, has said that he is a big believer in blockchain technology, as India prepares to draft regulations to oversee the cryptocurrency sector. Blockchain technology, is a game-changing innovation according to him
According to an extract from his remarks at the Infinity Forum
‘For the time being, we continue to live in a society where giant corporations have better access to capital than small businesses and individuals, but I believe that will change in the near future’.
Reliance Industries, headed by Anil Ambani, is a conglomerate that has businesses in a variety of industries, including telecommunications, retail, logistics, and life sciences. With a majority share in Jio, the country’s biggest mobile phone provider, it plans to take use of its advantageous position in order to grow its business.
Predictions
His prediction is that “the decentralised financial sector would be empowered and redefined in a manner we had never anticipated” when a regulated cryptocurrency business comes to India in the next decade.
Investing in money driven by digital ledgers, according to Ambani, would be a wonderful equalizer in India, which, according to the billionaire, has become more unequal over the previous decade.
‘Data is the new oil,’ and it may be created and consumed by anybody at any time from any place at any time, according to the adage “Data is the new oil.” To put it another way, it “has the capacity to generate wealth in an equitable manner across industries, geographies, and economic classes.”
According to him, the metaverse is poised to usher in a “epochal time of immense value creation” in which the “worth of ideas and inventions” would outweigh the amount of tangible wealth that an entrepreneur has at his or her disposal in the twenty-first century, according to the author.
He continued, “We are living through the fourth revolution, also known as the digital-first revolution, in which digital will be the way to live for billions of people — and will be used in all technology — five or six different types of technology will merge together, and they will transform the entire world.”
As a result, according to the author, “the approaching digital-first revolution will make our planet and India more inclusively prosperous than we can now fathom.”
The Continuous Debate
In the midst of India’s cryptocurrency discussion, Ambani’s views come at a critical stage in the country’s legislative process. The country’s parliament is poised to debate and vote on complete cryptocurrency legislation. Initial reports said the regulation would “ban private cryptocurrencies.”
In reality, it would only restrict private cryptocurrency wallets, not the underlying private coins themselves. Mukesh Ambani, the wealthiest man in Asia, has said that he is a big believer in blockchain technology, as India prepares to draft regulations to oversee the cryptocurrency sector. Blockchain technology, according to the country’s wealthiest individual, is a game-changing innovation.
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