Sydney Dialogue: PM Modi Urges Nations To Ensure Cryptocurrency Doesn't End Up In Wrong Hands

Modi said that India is building the most extensive public information infrastructure of the world and that over 1.3 billion people have a unique digital identity in the country.

PM Modi Speaks At Sydney Dialogue: File Image

New Delhi: Speaking on the impact of digital age at the Sydney Dialogue on Thursday, Prime Minister Narendra Modi urged all democratic nations to ensure that cryptocurrencies and bitcoins do not end up in the wrong hands or it could ruin the youth.   

While addressing the event virtually, PM Modi said, "India's IT talent has helped create a global digital economy. It has contributed to the development of technologies and services used in our daily lives.'' Citing the example of cryptocurrency and bitcoin, he said all democratic nations should work together to make sure it does not "end up in wrong hands".   

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

Describing data as the greatest product of technology, Prime Minister Modi said India has created a robust framework of data protection, privacy and security, and it is used as a source of empowerment for people.

Modi said that India is building the most extensive public information infrastructure of the world and that over 1.3 billion people have a unique digital identity in the country.     

The digital age has redefined politics, economies and societies, and has raised new questions on sovereignty, governance, ethics, rights and security, he said.

Prime Minister Modi further added, "It is also redefining international competition, strength and leadership. The digital age has generated new opportunities for progress and prosperity.''

Speaking on the occasion, the Prime Minister described the strategic partnership between India and Australia as a force of good for the region and the world.