Cryptocurrency can spoil the youth, ensure it does not end in wrong hands: PM Modi

Prime Minister Narendra Modi on Thursday called upon all the democratic nations to work together and ensure cryptocurrencies do not end up in the wrong hands, cautioning that it can spoil the youth.

In a virtual address at the Sydney Dialogue, PM Modi 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.

The Prime Minister also gave an overview of India’s approach to new technologies and said the country is investing in developing indigenous capabilities in diverse areas including in 5G and 6G for the telecom sector.

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India uses data as a source of empowerment of people and that the country has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights.

“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,” PM Modi said referring to cryptocurrency.

The Prime Minister said that India is building the world’s most extensive public information infrastructure and that over 1.3 billion Indians have a unique digital identity.

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“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 India is on its way to connecting 600,000 villages with broadband.

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Referring to the strategic cooperation between India and Australia, he said it is a force of good for the region and world.