Thursday 30 June 2022
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Cryptocurrency must not end in wrong hands: PM Modi

The prime minister at the Sydney Dialogue mentioned cryptocurrency as a tool of the digital age, which he said all democracies should be wary of

Prime Minister Narendra Modi on 18 November urged all democratic nations to work together to ensure that cryptocurrency does not end up in the wrong hands, cautioning that it can spoil the youth. “It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth,” the prime minister said while referring to cryptocurrency.

While virtually addressing the Sydney Dialogue, the prime minister said the digital age is changing everything as it has redefined politics, economies and societies and has raised new questions on sovereignty, governance, ethics, rights and security.

Giving an overview of India’s approach to new technologies, Modi said the country is investing in developing capabilities in diverse areas including in 5G and 6G for the telecom sector.

The prime minister said India uses data as a ”source of empowerment of people” and that the country has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights.

Modi said India is building the world’s most extensive public information infrastructure and that over 1.3 billion Indians have a unique digital identity. “The greatest product of technology today is data. In India, we have created a robust framework of data protection, privacy and security. And, at the same time, we use data as a source of empowerment of people,” he said.

He said India is on its way to connecting 6,00,000 villages with broadband. Referring to the strategic cooperation between India and Australia, he said it is a force of good for region and world.

While underlining that technology and data are becoming ”new weapons in the Digital Age”, the Prime Minister said that as a “democracy and digital leader”, India is ready to work with partners for shared prosperity and security.

“As a democracy and digital leader, India is ready to work with partners for our shared prosperity and security. India’s digital revolution is rooted in our democracy, our demography and the scale of our economy. It’s powered by enterprise & innovation of our youth,” Narendra Modi said while addressing the Sydney Dialogue via video conferencing.

Modi made these observations while delivering the keynote address at The Sydney Dialogue on the theme India’s technology evolution and revolution. Prime Minister Modi’s address was preceded by introductory remarks by the Australian Prime Minister Scott Morrison, Prime Ministers Office said in a statement.

The Sydney Dialogue is being held from 17-19 November. It is an initiative of the Australian Strategic Policy Institute. The dialogue aims to bring together political, business and government leaders to debate, generate new ideas and work towards common understandings of the opportunities and challenges posed by emerging and critical technologies.

The event will witness keynote addresses by former Japanese prime minister Shinzo Abe.

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