His comments come as India prepares to introduce a new bill in parliament to regulate the crypto sector.
Blockchain and DeFi, or decentralized fiance, will level the playing field in finance, Indian billionaire businessman Mukesh Ambani said at the Infinity Forum this week.
«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,» Ambani said.
«Great Democratizer»
The chairman of Reliance Indistries, a conglomerate that includes energy, petrochemicals, natural gas, retail, telecommunications and mass media businesses, said that blockchain-powered digital finance could help the country’s massive inequality.
«The new oil, data, can be generated and consumed everywhere and by everybody. It has the potential to create value equitably across sectors, geographies, and economic classes,» Ambani said.
Metaverse Reality
Ambani also said he thinks the metaverse will unlock a new decade of «tremendous value creation,» where «ideas and innovations will become more valuable,» as opposed to physical capital.
Mukesh Ambani on Virtual world (metaverse) pic.twitter.com/zT6R4wNXuQ
— CryptoHub India 🇮🇳 (@CryptoHubIND) December 5, 2021
«We are witnessing the fourth revolution, that is the digital-first revolution, where digital will be life for billions of people — which will be used in all technology — five or six kinds of technology will merge together, they will transform the whole world,» he added.
New Crypto Bill
India is looking to establish a regulatory framework for the crypto space as the country seeks to minimise financial stability risk by ring-fencing the formal financial sector from crypto assets.
The Crypto Bill proposes to prohibit the usage of crypto assets as currency substitutes or as payment systems for remittances. It also proposes to establish a facilitative framework for distributed ledger technology and also lay the groundwork for creation of India’s digital currency to be issued by the Reserve Bank of India, «NDTV» reported.
The country’s central bank has previously voiced «serious concerns» about private cryptocurrencies, and is set to launch its own digital currency in December 2021.