Akash Ambani bats for cryptocurrency amid government crackdown

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Akash Ambani bats cryptocurrency amid government crackdown
Akash Ambani bats cryptocurrency amid government crackdown

New Delhi : Akash Ambani, director of Reliance Jio Infocomm, spoke in favour of cryptocurrency or digital money amid government's crackdown; The Income Tax Department on Friday sent tax notices to thousands of people dealing with the virtual currency.

"Beyond cryptocurrency Blockchain at its core, provides an open source platform for enabling transaction secured with a distributed ledger system," Akash Ambani said in an apparent defence of the cryptocurrency.

"Jio is committed to contributing and using open source technologies to improve consumer experience," he added.

This was the first time Akash Ambani had appeared for a public meeting to speak about open source, artifical intelligence, blockchain and OpenStack.

On Friday, Jio Infomm, which was launched by Akash Ambani, along with his twin sister Isha, posted first ever quarterly profit of Rs. 504 crore in less than 18 months of its launch. (Read Full Story)

He also estimated that India's public cloud market will show a jump of nearly 53 per cent to $4 billion by 2020.

"India's public cloud market is estimated to be $2.6 billion in 2018 and over $4 billion by 2020," he said at the India Digital Open Summit.

(With Agencies Inputs)