Prime Minister Narendra Modi addressed the Sydney Dialogue via video conference on Thursday and advised all democratic nations to work together to prevent the abuse of technical advances such as cryptocurrency. “ Take crypto-currency or bitcoin for example. It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth,” said PM Modi. The Sydney Dialogue is an annual gathering of cyber and critical technology experts to explore the impact of the digital sector on global law and order.
PM Modi chaired a detailed meeting on the future of cryptocurrency and associated concerns last week. According to official sources, the meeting focused on unregulated crypto currencies and how they cannot be used for money laundering or terror financing.
During the conference, PM Modi also highlighted India’s digital revolution, stating that the country is presently undergoing five major changes, including the construction of the world’s most comprehensive public information infrastructure and agriculture.
Take crypto-currency or bitcoin for example.
It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth: PM @narendramodi
— PMO India (@PMOIndia) November 18, 2021
“India’s industry and services sectors, even agriculture, are undergoing massive digital transformation’’. He praised India’s efforts at using digital technology to alter people’s lives and said “We are also using digital technology for clean energy transition, conservation of resources and protection of biodiversity,”.
Modi further claimed that technology and data are becoming new weapons in the digital era. “Technology has become a major instrument of global competition and 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,” noted PM Modi at the Sydney dialogue.
The Sydney Dialogue, which is a project of the Australian Strategic Policy Institute, will take place from November 17 to November 19.