PM Modi, Sydney dialogue

Ensure cryptocurrency does not end in wrong hands: PM to democratic nations

India News

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. 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 has raised new questions on sovereignty, governance, ethics, rights and security.

“We are in a time of change that happens once in an era. The digital age is changing everything around us. It has redefined politics, economy and society,” the Prime Minister said at the conference, hosted by the Australian Strategic Policy Institute. “It is raising new questions on sovereignty, governance, ethics, law, rights and security.”

Speaking about India’s own digital revolution, PM Modi explained that it is rooted in “democracy, demography and the scale of its economy”. “It’s powered by enterprise and innovation of our youth,” he added.

He further outlined the five major transitions taking place in India’s digital landscape at present. The first big change is the country’s growing public information infrastructure. “We’re on our way to connecting 600,000 villages, used technology to deliver over 1.1 billion doses of vaccines across India using Cowin and Aarogya Setu,” he said.

Next is the role digital technology has played in governance for greater empowerment, connectivity, delivery of benefits and welfare.

India also has the world’s “third-largest and fastest-growing” digital ecosystem, he pointed out. “New unicorns are coming up every few weeks to provide solutions to everything from health to national security,” the prime minister said.

“Fourth transition- India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity,” he added.

The final transition is India’s growing investment in developing telecom technology, including 5G and 6G. The country is also one of the leaders in developing artificial intelligence, he said.

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 recognise national rights and promote trade, investment and larger public good,” he said.

With PTI inputs

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