At Sydney Dialogue, PM warns nations about perils of cryptocurrency

Cryptocurrency continues to hog the limelight.

Prime Minister Narendra Modi on Thursday 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,” Modi said on cryptocurrency.

In a virtual address at the Sydney Dialogue, Modi said that 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 that the country is investing in developing indigenous capabilities in diverse areas, including in 5G and 6G for the telecom sector.

Also read: Why India sees a strong need to monitor, regulate cryptos

The Prime Minister said that 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 that 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,” Modi said, adding that India is on its way to connecting six lakh villages with broadband.

Referring to the strategic cooperation between India and Australia, Modi said that it is a force of good for region and world.

(With inputs from Agencies)