Reliance Industries (RIL) Chairman Mukesh Ambani has said that the next major evolution in the fintech space will be the convergence of blockchain, distributed ledger and smart tokens.
He observed that people are moving from digital revolution to “digital first” revolution.
With the growth of fintech and digital payments in India’s financial sector, Reliance Industries (RIL) Chairman Mukesh Ambani has stated that the next major evolution in the fintech space will be the convergence of blockchain, distributed ledger, and smart tokens.
“I think that the convergence of real time, the convergence of distributed ledger and blockchain technologies, smart tokens, the convergence of physical and digital through IoT will enable and redefine the decentralised financial sector in a way we have never imagined,” he said.
He observed that people are transitioning from the digital revolution to the “digital first” revolution, claiming that the world is now witnessing the fourth transmission in terms of technology.
While China led the world in manufacturing, the RIL Chairman believes that India will lead the global “digital society” and become a leader in the segment.
Calling for protection of people’s right to privacy, he said, “We have to work to have the right policies and the right regulatory framework to balance the imperatives of creating next generation infrastructure, harmonising and integrating it with the rest of the world and regulating in a way that we don’t stifle innovation but protect the end user and all the citizens of the country and the world.”
“We are on the verge of introducing a data privacy bill, which I look forward to, and also the crypto currency bill. So I think we are on the right track, and what impresses me the most is that as a society we are most proactive, open and vibrant.”
The government is likely to propose that cryptocurrency be recognised as an asset and that its use as a currency be prohibited. SEBI, the capital markets regulator, may have authority over crypto assets.
Speaking at the forum, Prime Minister Narendra Modi stated that India’s fintech initiatives should now be transformed into a “fintech revolution” by financially empowering every citizen of the country.
