New Delhi: Prime Minister Narendra Modi on Friday (December 10) said that emerging technologies like cryptocurrencies should be used to empower democracy and not weaken it.
In his address at the Virtual Summit for Democracy, Modi said, “We should also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they can be used to empower democracy, not weaken it.” to do.” The event was hosted by US President Joe Biden.
Earlier, Prime Minister Modi had said that all democratic countries should work together to ensure that cryptocurrencies “do not fall into the wrong hands, which can spoil our youth” in what was his first public comment on the subject. .
During his speech at the Sydney Dialogue, PM Modi had also urged to ensure that cryptocurrencies “do not fall into the wrong hands, which can spoil our youth”. Last month, the PM chaired a meeting to discuss the future of cryptocurrencies, following concerns that unregulated crypto markets could become avenues for money laundering and terror financing. Read also: Netflix launches Tudum, a new website for news, interviews, behind-the-scenes videos
Meanwhile, the Indian government is also currently working on a cryptocurrency bill to regulate digital coins in the country. Reports suggest that the bill may also empower the Reserve Bank of India to launch its own central bank digital currency (CBDC), which is a virtual form of fiat currency. Read also: PM Kisan Yojana: Selected farmers can get Rs 4000 instead of Rs 2000 in 10th installment, check eligibility
– With inputs from Reuters.
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