Billionaire Mukesh Ambani is Crazy About DeFi.

India's upcoming cryptocurrency bill is backed by India's richest man.  Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said on Dec. 3 that he believes in blockchain technology. He told the Infinity Forum, a global financial technology event, that it can provide unparalleled security and trust, as well as automation and efficiency for virtually any form of transaction. 
 

“Blockchain is a technology I believe in and is different from cryptocurrency. We believe that smart tokens allow us to create immutable transactions.” “Today is  still  a world where large corporations make it easier to raise money and small businesses don't make it easier, and so are people, and I think that will change.” 
 

Ambani also suggests that the next decade will see inevitable changes  in the decentralized finance (DeFi) sector. DeFi is a small program known as smart contracts in the form of blockchain-based finance that can operate without intermediaries, stock exchanges or real banks. 
 

"In my opinion... the convergence of distributed ledgers, blockchain technology, and smart tokens... the  convergence of  physical and digital via the Internet of Things (loT) is redefining the decentralized finance sector in ways we  never imagined. will do."

Ambani's Statement comes at a time when the Indian government of Narendra Modi  is preparing a cryptocurrency bill to protect small investors by classifying virtual tokens as  financial assets. According to businessman, the country is "on the right track" when it comes to introducing  data privacy laws and  cryptocurrency laws. 
 

Interestingly, while cryptocurrency regulation legislation is a government priority, Indian Central Bank Governor Shaktikanta Das believes that the blockchain technology underlying cryptocurrencies can exist on its own  without a currency.