Asia’s Richest Man Bullish on Blockchain, Says Tech Will Transform India’s Economy

Asia’s Richest Man Bullish on Blockchain, Says Tech Will Transform India's Economy

Mukesh Ambani, Asia’s richest man declares his support for blockchain, the technology that powers cryptocurrency, as he believes the technology has the potential to help India have one of the world’s most-advanced digital infrastructures.

Bloomberg reports that Ambani spoke at a forum hosted by India’s International Financial Services Centers Authority (IFSCA), saying that blockchain has the capacity to transform various sectors in the country, such as finance, agriculture, education, health care, and manufacturing, among others.

“Digital technology, I believe, is a great leveler, a great democratizer. […] It has the potential to create value equitably across sectors, geographies, and economic classes,” Ambani, who is chairman of Reliance Industries Ltd, said.

Ambani, who believes India is currently witnessing a digital revolution, highlighted two things that will help the country make significant progress in becoming a digital society.

According to Ambani, India’s growing population of young people and the penetration of the digital pipeline into all Indian cities will be instrumental in the country’s transition into a digital economy.

“India will make great strides in fintech, education technology, health technology, and industry” through digital services, Ambani said.

Ambani’s Reliance Embraces Blockchain

Reliance Industries, under the leadership of Ambani, has also started embracing digital services, as the $210 billion retail-to-refining conglomerate looks forward to becoming a technology titan soon.

The company is also hoping that the technology will reduce its reliance on its fossil fuel businesses.

Ambani Backs India’s Crypto Bill

Stating that blockchain is different from cryptocurrency, Ambani said the Indian government is on the right track with its plans to introduce a cryptocurrency bill.

As reported, the bill will see India officially create a digital rupee while placing an outright ban on private cryptocurrencies, except for a few that will help promote the country’s crypto ecosystem.

India’s move to ban selected cryptocurrencies is part of its effort to reduce the use of the asset class in funding illicit activities, including terrorist financing and money laundering.

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