What did PM Modi say on cryptocurrency at the Sydney Dialogue?

Prime Minister Narendra Modi on Thursday urged all democratic countries to work together to ensure that cryptocurrencies do not fall into the wrong hands, warning that it could spoil the youth.

In a virtual address at the Sydney Dialogue, he said the digital age is changing everything as it has redefined politics, economies and societies and raised new questions on sovereignty, governance, ethics, rights and security.

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

The Prime Minister said that India uses data as a source of empowerment for the people and the country has unmatched experience in doing so in a democratic framework with strong guarantees of individual rights.

“It is important that all democratic nations work together on this and ensure that it does not fall into the wrong hands, which could spoil our youth,” he said, referring to cryptocurrencies.

Modi said India is building the world’s most comprehensive public information infrastructure and over 1.3 billion Indians have a unique digital identity.

He said, “Today the biggest product of technology is data. In India, we have built a strong framework of data protection, privacy and security. At the same time, we use data as a source of empowerment of the people.”

He said that India is on the way to connect 600,000 villages with broadband. Referring to the strategic cooperation between India and Australia, he said that it is a force of good for the region and the world.

Read also: PM Narendra Modi lists 5 ‘digital transitions’ shaping India at Sydney Dialogue

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