Democracies Must Ensure Cryptocurrency Doesn't End Up in Wrong Hands: PM Modi

"It is important that all democracies work together and ensure it doesn't end up in wrong hands," PM Modi said.

Prime Minister Narendra Modi.

Photo: BJP / Twitter

Prime Minister Narendra Modi, on Thursday, 18 November, said that it was important for all democratic nations to work together on Cryptocurrency to ensure it did not end up in the wrong hands.

"It is essential for democracies to work together. It should also recognise 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 said while speaking on the theme of "India's Technology: Evolution and Revolution" at the Sydney Dialogue, reported ANI.

"Technology has become a major instrument of global competition and is a key to shaping the future international order. Technology and data are becoming new weapons. The biggest strength of democracy is openness. At the same time, we shouldn't allow vested interests to misuse this openness," he added.

PM Modi said that we live in a time of change that happens once in an era and that the digital age was changing everything around us. "It has redefined politics, economy & society. It is raising new questions on sovereignty, governance, ethics, law, rights & security. It is reshaping international competition, power and leadership."

The PM said while the digital age had ushered in a new era of opportunities for progress and prosperity, the world also faced new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space.

PM Modi Points Out Five Important Transitions Taking Place in India

The PM said that "as a democracy and digital leader", India was ready to work with partners "for our shared prosperity and security".

"India's digital revolution is rooted in our democracy, our demography & the scale of our economy. It's powered by enterprise & innovation of our youth," he said.

PM Modi also said that five important transitions were taking place in India.

"We're building the world's most extensive public information infrastructure. We're on our way to connecting 600,00 villages; We used technology to deliver over 1.1 billion doses of vaccines across India using Cowin and Aarogya Setu," he said.

"We are transforming people's lives by using digital technology for governance, including empowerment, connectivity, delivery of benefits and welfare," he further said.

PM Modi said that India had the world's third-largest and fastest-growing ecosystem. "New unicorns are coming up every few weeks to provide solutions to everything from health to national security," he said.

"India's industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity," he added.

PM Modi said that India was one of the leading nations in artificial intelligence.

"There is a large effort to prepare India for the future. We are investing in developing indigenous capability in telecom technology such as 5G and 6G," he said.

(With inputs from ANI.)