Ensure cryptocurrency doesn’t end up in wrong hands: PM Modi

As the crypto craze grips the nation, Prime Minister Narendra Modi said it is important for all democracies to work together and ensure cryptocurrency doesn’t end up in the wrong hands.

“Essential for democracies to work together…It should also recognize national rights & promote trade, investment & larger public good. Take Crypto-Currency or Bitcoin for example. Important that all democracies work together & ensure it doesn’t end up in wrong hands,” Modi said while delivering the keynote address at The Sydney Dialogue.

Modi is speaking on the theme of India’s technology evolution and revolution.

The Sydney Dialogue is being held from November 17-19. It is an initiative of the Australian Strategic Policy Institute. It will bring together political, business, and government leaders to debate, generate new ideas and work towards common understandings of the opportunities and challenges posed by emerging and critical technologies.

The event will also witness a keynote address by the Former Prime Minister of Japan, Shinzo Abe. 

“Digital age is raising new questions on sovereignty, governance, ethics, law, rights, and security. The greatest product of technology today is data. In India, we have created a robust framework of data protection, privacy, and security. And, at the same time, we use data as a source of empowerment of people,” he said.

He said they also face new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space.

“The biggest strength of democracy is openness, at the same time we shouldn’t allow vested interests to misuse this openness. 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 & society. It is raising new questions on sovereignty, governance, ethics, law, rights & security,” he said.

He said India’s digital revolution is rooted in democracy and powered by innovation. “Technology and data are becoming new weapons,” he said.