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India’s Richest Man Gives DeFi His Seal Of Approval

India’s Richest Man Gives DeFi His Seal Of Approval

Indian billionaire entrepreneur Mukesh Ambani spoke out in support of the upcoming cryptocurrency legislature, claiming the country could lead the global movement in blockchain and DeFi technology.

Ambani Big Believer In Blockchain

Ambani, who is the richest man in the country and the CMD of Reliance Industries, spoke out in support of blockchain technology on December 3 in a virtual InFinity Forum discussion with Avaana Capital founder Anjali Bansal. The event was organized by the International Financial Services Centres Authority and Bloomberg Asia. 

Ambani cited the unprecedented security and trust associated with a blockchain network and the ease of ensuring automation and efficiency to all forms of transactions. 

He said,

“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. 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.”

Calling blockchain tech vital for a trust-based equitable society, he also highlighted its use-cases in building efficient supply chains that fuel the momentum of any economy. 

DeFi Gets Ambani Support

Going beyond the core blockchain tech, Ambani also discussed the role of associated technologies, like decentralized finance or DeFi. According to him, DeFi is the sector to watch in the coming decade as this blockchain-based financial model can operate without banks, stock exchanges, brokerages, or any other financial institutions acting as middlemen. Speaking on the matter, he stated his belief that the convergence of the distributed ledger and blockchain technologies, smart tokens, and the intersection of the physical and digital through IoT will enable and redefine the decentralized financial sector. 

“We have evolved over the last hundred years in organized finance in a very centralized model, and I still believe that there will be centralized government and central bank policies, but there will a path to very decentralized technological solutions where finance will be enabled and available to everybody. Today we have a world where still a world where large companies get finance, small companies don’t get easier finance, same thing with people.”

Ambani Endorses Crypto Bill

Ambani’s statement on the industry comes at a time when PM Modi’s government is looking to enforce legislation to regulate crypto activities in the country. Ambani touched on the topic of the Crypto Bill, indicating his endorsement of the move by the Indian government. 

He commented, 

“We are on the verge of introducing...the Cryptocurrency Bill...I think that we are on the right track and what impresses me the most is that as a society we are proactive, we are open and we are vibrant.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.