Mukesh Ambani bats for data privacy, cryptocurrency bills

TIL Desk/Business/Mumbai/ Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure.

Stating that data is the ‘new oil’, he said every citizen’s right to privacy has to be safeguarded.”India is putting in place the most forward-looking policies and regulations,” he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).

The country, he said, already has a great framework of digital identity – through Aadhaar, digital bank accounts and digital payments. “We are on the verge of introducing data privacy bill, and the cryptocurrency bill. I think we are on the right track,” he said. The comments came as the government looks to bring a new bill in Parliament to treat cryptocurrencies as a financial asset while safeguarding small investors.