- Prime Minister Narendra Modi urged “All democratic nations to work together to ensure that cryptocurrency does not fall into the wrong hands”.
- Modi said the digital age is changing everything because it has redefined politics, economies, and societies.
On Thursday, Prime Minister Narendra Modi urged “All democratic nations to work together to ensure that cryptocurrency does not fall into the wrong hands”. He warns that it can harm children.
PM Modi said the digital age is changing everything because it has redefined politics, economies, and societies. He even said that the change due to the digital age has raised new questions about sovereignty, governance, ethics, rights, and security. He said all this in a virtual address at the Sydney Dialogue.
While he was speaking about India’s own digital revolution, he explained that it is rooted in “democracy, demography and the scale of its economy”. “It’s powered by enterprise and innovation of our youth”.
Authorities in India and other countries, on the other hand, have warned about the dangers of cryptocurrencies being used by terrorist groups and organized crime, as well as the destabilizing risk they pose to national economies. After explaining the benefits of cyber-age technology, Modi gives a cautionary note about digital currencies.
He then cites the example of bitcoin and said, “Essential for democracies to work together. It should also recognize national rights and promote trade, investment, and the larger public good. Take Crypto-Currency or Bitcoin for example. Important that all democracies work together and ensure it doesn’t end up in wrong hands.”
PM Modi further said that “We’ve offered our CoWin platform to the entire world free and made it open-source software. India’s extensive experience with the use of technology and policy for the public good, inclusive development, and social empowerment can be of great help to the developing world”.
He further outlined the five major transitions taking place in India’s digital landscape at present. PM Modi said that in view of all these changes both at home and abroad, it is essential for democracies to work together. “It should also recognize national rights and promote trade, investment, and the larger public good,” he said.
Giving an overview of India’s approach to new technologies, PM Modi said the country is investing in developing indigenous capabilities in diverse areas including in 5G and 6G for the telecom sector. The central government is still considering a regulatory framework to manage and oversee the digital currency investments made by millions of Indians.
According to PM Modi India uses data as a source of empowerment of people. The country has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights.