India’s Richest Person-Mukesh Ambani Backs Bills on Data Privacy and Crypto

Cryptocurrency Tax in India for Certain Transactions Likely To Be Exempted
  • The Reserve Bank of India wants a full ban on digital currencies.
  • Mr. Ambani has said that he is a huge supporter of blockchain technology.

India’s wealthiest man, Mukesh Ambani, praised the country’s policies and legislation in favor of the proposed data privacy and cryptocurrency bills on Friday. Moreover, Ambani is a strong supporter of the idea that individuals should own and control their data. The government should establish clear guidelines for the safekeeping and dissemination of digital information, assert that nations have the right to develop and safeguard strategic digital infrastructure.

Data is the “new oil,” he said, and individuals’ privacy must be safeguarded. Furthermore, aadhaar, digital bank accounts, and digital payments are already in place across the nation, he added.

Notably, the remarks came as the government is working on a new measure in Parliament that will classify cryptocurrency and protect small investors. Moreover, investment in digital currencies may be restricted to a certain amount while their usage as legal money is prohibited.

Legislative Agenda

A bill to ban all private cryptocurrencies, with few exceptions, is on the legislative agenda. That too, for the current Parliamentary winter session that began on November 29. The Reserve Bank of India wants a full ban on digital currencies. As it fears that this might harm its macroeconomic and financial stability.

Furthermore, asserting that privacy is a fundamental human right. He added that the correct laws and regulations must be in place. In order to ensure that the nation’s data and digital infrastructure remain protected. Moreover, Mr. Ambani has said that he is a huge supporter of blockchain technology, the chairman of Reliance Industries Ltd, and the company’s managing director.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.