Reliance CEO Mukesh Ambani Says “Data: The New Oil”, Backing Blockchain Technology


Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani stated he was a huge believer in blockchain technology.

“I believe in blockchain technology, which is distinct from cryptocurrencies,” he explained, adding that “blockchain is critical for a trust-based, egalitarian society.”

Mukesh Ambani, the billionaire, today endorsed the proposed data privacy and cryptocurrency acts, claiming that India is enacting the most forward-thinking rules and regulations.

Mr. Ambani, a proponent of Indians owning and controlling their own data and the country crafting tight rules around how digital information is handled and shared, stated that countries have the right to construct and defend key digital infrastructure.

He stated that “data is the new oil,” and that everyone’s right to privacy must be protected.

“We are about to introduce a data privacy bill as well as a cryptocurrency bill. We’re on the right route, in my opinion”, he stated.

One of India’s Unicorn crypto exchange, CoinSwitch Kuber’s CEO Ashish Singhal wrote on his Twitter that, “India cannot afford to miss out on the crypto revolution” on Mukesh Ambani’s statement about blockchain.

CRYPTO BILL TO BE DISCUSSED IN THIS WINTER PARLIAMENT SESSION

The remarks come as the administration prepares to introduce a new measure in Parliament that will classify cryptocurrencies as financial assets while protecting small investors.

Legislation might set a minimum amount for digital currency investments while prohibiting their usage as legal cash.

While the government is considering taxing cryptocurrency gains, the Reserve Bank of India wants to outright prohibit digital currencies, citing concerns that they could jeopardise the country’s macroeconomic and financial stability.

Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani stated he was a huge believer in blockchain technology.

“I believe in blockchain technology, which is distinct from cryptocurrencies,” he explained, adding that “blockchain is critical for a trust-based, egalitarian society.”

“The Internet of Things (IoT) will be the next phase,” he stated, referring to the connectivity of equipment, devices, and cars.

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