Sam Reynolds

<div id="highlights-block_61ae1b30bbe01" class="highlights">
        <ul>
                <li>Mukesh Ambani believes that blockchain and DeFi will level the playing field when it comes to finance</li>
                <li>Ambani thinks the metaverse will unlock a new decade of “tremendous value creation</li>
            </ul>
    
</div>



<p>The richest man in Asia, Indian billionaire Mukesh Ambani is majorly bullish on blockchain as the country prepares to <a href="https://cms.blockworks.co/cabinet-note-says-no-crypto-ban-in-india-only-regulation/" target="_blank" rel="noreferrer noopener">introduce a bill</a> to regulate the crypto sector.&nbsp;</p>



<p>“Digital technology, I believe, is a great leveler, a great democratizer,” he said during the <a href="https://www.cnbctv18.com/technology/mukesh-ambani-at-infinity-forum-full-transcript-11691462.htm" target="_blank" rel="noreferrer noopener">Infinity Forum</a>. “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.”</p>



<p>Ambani’s Reliance Industries is a conglomerate made up of telecom, retail, logistics, and life sciences companies. It owns a controlling stake in Jio, the nation’s largest mobile phone operator.&nbsp;</p>



<p>In the next decade, the introduction of a regulated crypto industry into India “will enable and redefine the decentralised financial sector in a way we have never imagined,” he said.&nbsp;</p>



<p>In a <a href="https://www.downtoearth.org.in/blog/economy/why-inequality-is-india-s-worst-enemy-75778#:~:text=The%20Gini%20(inequality%20in%20income,47.9%20per%20cent%20in%202018." target="_blank" rel="noreferrer noopener">country as unequal as India</a>, which has seen the Gini coefficient, a measure of inequality, rise in the last decade, Ambani believes that finance powered by digital ledgers will be the great equalizer in the country.&nbsp;</p>



<p>“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,” he said.&nbsp;</p>



<p>Ambani also believes that the metaverse will unlock a new decade of “tremendous value creation” where “ideas and innovations will become more valuable” rather than the amount of physical capital an entrepreneur has access to.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Mukesh Ambani on Virtual world (metaverse) <a href="https://t.co/zT6R4wNXuQ">pic.twitter.com/zT6R4wNXuQ</a></p>&mdash; CryptoHub India 🇮🇳 (@CryptoHubIND) <a href="https://twitter.com/CryptoHubIND/status/1467449904037462017?ref_src=twsrc%5Etfw">December 5, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>&#8220;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,&#8221; he continued.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><strong>“Therefore, the coming digital-first revolution is going to make our world and make India more inclusively prosperous than we can now imagine.”</strong></p></blockquote>



<p>Ambani makes these comments as India’s parliament prepares to review and vote on a comprehensive crypto bill. Early reports said that the bill would “ban private cryptocurrency” but in fact it would only ban private crypto wallets.</p>



<hr class="wp-block-separator">
<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/?source=end" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>
<hr class="wp-block-separator">


Reliance Industries

Newsletter

Blockworks Research