Billionaire Mukesh Ambani has praised the efforts made by the Indian government to introduce data privacy and cryptocurrency bills and stated that every country has the right to establish and safeguard its strategic digital infrastructures. Mukesh Ambani has acknowledged that the steps taken by the government in the direction of protecting the privacy of its citizens as forward-looking and backed the policies and regulations undertaken by the government.
While speaking at the InFinity Forum, hosted by International Financial Services Centres Authority (IFSCA), Mukesh Ambani said, “India is putting in place the most forward-looking policies and regulations,” adding, “We are on the verge of introducing data privacy bill, and the cryptocurrency bill. I think we are on the right track”.
Mukesh Ambani also pointed out that India has built the digital infrastructure required to enable the transformation to a digital society with digital frameworks such as Aadhaar, digital bank accounts and digital payments. He said, “Data is indeed the ‘new oil’. But the new oil is fundamentally different from the traditional oil. Traditional oil was extracted only at select places thus, it created wealth only for some countries. In contrast, the new oil — that is Data — can be generated and consumed everywhere and by everybody. It has the potential to create value equitably, across sectors, across geographies, across economic classes,”
Notably, the Reliance Chairman Mukesh Ambani had made the statements at a time when India is about to bring a new bill in Parliament that will consider cryptocurrencies as a financial asset with the safeguarding of small investors. The legislation might set a minimum limit for investments in digital currencies but ban their use as legal tender.
Furthermore, Finance Minister Nirmala Sitharaman has called for collective “global action” in order to regulate and control cryptocurrencies and related digital technologies saying, “Even as we are thinking about at a national level, there should simultaneously be a global mechanism through which we are constantly monitoring the movement of technology, so that whether it is your cryptocurrency, whether it is a tech-driven payment system, data privacy…”
