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PM Modi urges nations to work together, ensure cryptocurrency doesn't end up in wrong hands

Addressing Sydney Dialogue, PM Modi stated that we are living in a once-in-a-generation period of transformation and nations should ensure that cryptocurrency should not be abused. 

PM Modi nations to work together ensure cryptocurrency doesn't end  in wrong hands sydney dialogue gcw
New Delhi, First Published Nov 18, 2021, 9:47 AM IST
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Prime Minister Narendra Modi on Thursday asked all democratic nations to work together to guarantee that technology breakthroughs such as cryptocurrency are not abused. While addressing the Sydney Dialogue via video conference, PM Modi said, "It is crucial that all democratic nations work together on this and ensure that it does not wind up in the wrong hands, which might damage our kids." He stated that we are living in a once-in-a-generation period of transformation. Everything around us is changing as a result of the digital era, which has reshaped politics, the economy, and society. He went on to say that it raises new problems about sovereignty, governance, ethics, law, rights, and security.

Technology has ushered in a new era of opportunity for growth and wealth. Still, it has also introduced new hazards and forms of conflict across a wide range of challenges, from the seafloor to cyberspace to space. In addition, PM Modi stated that technology had become a crucial tool of global rivalry and a vital to creating future international order. Meanwhile, technology and data are becoming new weapons, but democracy's greatest strength is transparency; nonetheless, we must not allow entrenched interests to exploit this openness.

Also Read | Bengaluru Tech Summit: Australian PM Morrison hails India as a technological force

PM Modi stated that India, as a democracy and a digital leader, is willing to collaborate with partners for our mutual prosperity and security. Our youth's entrepreneurialism and ingenuity are driving India's digital transformation. In India, five significant transformations are going place. The leader went on to say that we are constructing the world's most comprehensive public information infrastructure to link 600,000 villages, and that we have used technology to distribute over 1.1 billion doses of vaccinations across India utilising Cowin and Aarogya Setu.

Also Read | Australia, Israel consulates participation; increase in IT export: Highlights from Bengaluru tech summit

He also stated that India is constructing the world's most extensive public information infrastructure and has used technology to distribute over 1.1 billion vaccination doses. India has also made investments in telecommunications technologies such as 5G and 6G.

On Wednesday (November 17), the three-day first Bengaluru Tech Summit got off to a good start, with Australian Prime Minister Scott Morrison announcing the establishment of a consulate in the city and Israel expressing interest in collaborating with entrepreneurs.

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