According to local media sources, Indian billionaire Mukesh Ambani, whose net worth is estimated at $92.6 billion, talked positively about blockchain, the technology that underlies the majority of cryptocurrencies, earlier today at the Infinity Forum.
Ambani remarked that there are substantial distinctions between blockchain and cryptocurrency, noting that the former enables a host of interesting use cases, ranging from maintaining supply chain openness and facilitating rapid transaction settlements to digitising art and protecting data privacy:
We can provide unparalleled security, trust, automation, and efficiency to nearly any form of transaction by using blockchain,” Ambani added. It may be utilised to upgrade our economies’ supply lines.
Unlike some other ultra-wealthy people, the Reliance Industries shareholder has remained mum about his cryptocurrency attitude. There were various rumours in early 2018 regarding Ambani establishing his own cryptocurrency, dubbed “Jio Coin.” However, the project was never completed.
Ambani is hardly the only billionaire who adheres to the once widespread “blockchain, not Bitcoin” stance. American business magnate Warren Buffett, one of the sharpest detractors of Bitcoin, said in early 2019 that blockchain technology was “critical.”
India lifts its crypto-currency prohibition
According to U.Today, the Indian government recently backed down from its proposal to put a blanket ban on cryptocurrency, but crypto projects and exchanges would still be subject to new rules.
Ambani endorsed “forward-thinking” regulation ideas proposed by India’s legislators during the interview, including the much-anticipated cryptocurrency bill, which is likely to be approved by the cabinet by mid-December.
Also Read: South Korean Legislators Vote To Defer The Cryptocurrency Tax
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