Convergence of blockchain, smart tokens, IoT will create economic growth for India

Reliance Industries chairman Mukesh Ambani spoke about cryptocurrency and blockchain at a fintech event today, where he said that blockchain is a much different technology compared to crypto.

“Blockchain is a technology that I believe in and it is different from crypto,” Ambani said at InFinity Forum, a thought leadership forum on FinTech. He mentioned that there are smart tokens that make sure that you are creating transactions that can’t be changed, while adding that he is a believer in real-time and everything will change in real-time.

The Mumbai-based business tycoon, who was recently in the news for his succession plan being on the lines of the Walton Family playbook, also said that it is an important framework “for trust-based transaction and trust-based society which is a prerequisite for all of us.”

“So, I think that the conversion of the real-time and blockchain technology, smart tokens and digital through IoT will redefine the decentralised finance sector in a way we have never imagined,” Ambani said.

Meanwhile, WazirX founder and CEO Nischal Shetty tweeted that it is good to hear that India plans to regulate cryptocurrency and that the entire country is now talking about crypto. “Day 1128. It’s good to hear that India plans to regulate crypto. Regulation of crypto is a complicated subject. But we’ll not be able to solve it until we start talking about it. Fortunately, entire India is now talking about crypto,” Shetty wrote.

During this event, Prime Minister Narendra Modi talked about financial inclusion being the catalyst of fintech revolution. Prime Minister noted, “Financial inclusion is the driver of fintech revolution. Fintech is resting on four pillars: income, investments, insurance and institutional credit.” He also spoke about converting fintech initiatives into fintech revolution.

“Fintech industry in India is innovating to enhance access to finance and the formal credit system to every person in the country. Now it is time to convert these fintech initiatives into fintech revolution. A revolution that helps to achieve financial empowerment of every single citizen of the country,” the PM said.

The InFinity Forum is IFSCA’s flagship financial technology and global thought leadership event which unites the world’s leading minds in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the fintech industry for inclusive growth. BusinessToday