Indian billionaire entrepreneur Mukesh Ambani has come out to support India’s upcoming cryptocurrency legislation, claiming that the country could lead global efforts towards blockchain and decentralized finance technology.
The CMD of Reliance Industries, Mukesh Ambani, spoke out in support of blockchain technology on December 3rd during a virtual InFinity Forum Discussion. The event was organized by the International Financial Services Centres Authority and Bloomberg Asia.”
Mukesh mentioned how security is guaranteed through an encrypted network which also makes transactions much more efficient; he thinks it can be used across various sectors such as banking or transportation because they’re all “distributed” systems that rely heavily upon information sharing between parties involved (banks).
“Blockchain is a technology I believe in, and it’s different from crypto. I think a smart token is making sure that you create 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.” he said.
Ambani supports Defi – the next big thing for a decade.
Mr. Ambani believes that decentralized finance will be the next big thing in blockchain because it allows for financial transactions without middlemen such as banks or brokerages.
“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 be a path to very decentralized technological solutions where finance will be enabled and available to everybody. Today we have a world where large companies get finance, and small companies don’t get easier finance, same thing with people.”
On this, Ankur Jain, Founder Paxo Finance said, “ It’s great to see the business leaders from our Indian sub-continent are taking a keen interest in DeFi. This gives a strong sense of relief to blockchain businesses in the country and opens room for opportunities for the industry to grow. As the traditional banking scenario in our country has seen its ups and downs over the decades; Ambani’s words seem like a breath of fresh air and motivate us to spread awareness about Defi in our country. As a matter of fact; Mr. Ambani’s words should not be taken lightly. And we should stand in unison with his vision and educate the people around us about Defi.”
Ankur’s thoughts about how Defi can open new possibilities for banks can be read in the tweet
Will DeFi open new possibilities for banks?
A thread 🏦🧵👇🏻 (1/5)
— Paxo Finance (@paxofinance) December 3, 2021