Sydney Dialogue | Democracies must ensure cryptocurrencies don’t end up in wrong hands: PM Modi

'In India, we have created a robust framework of data protection, privacy and security,' Mr. Modi said.

November 18, 2021 09:53 am | Updated 04:27 pm IST - MUMBAI

Prime Minister Narendra Modi virtually delivering the keynote address at The Sydney Dialogue on Thursday, November 18, 2021.

Prime Minister Narendra Modi virtually delivering the keynote address at The Sydney Dialogue on Thursday, November 18, 2021.

The international order should ensure cryptocurrencies do not end up in wrong hands, Prime Minister Narendra Modi said on Thursday at The Sydney Dialogue.

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“It is important that all democratic nations work on this and  ensure that it does not end up in wrong hands , which can spoil our youth,” said Mr. Modi, addressing the event virtually and delivering the inaugural speech.

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The Sydney Dialogue is an annual summit of cyber and critical technologies to discuss the fallout of the digital domain on the law and order situation in the world.

Mr Modi said India’s space sector was open to private investment and that the agriculture sector was reaping the benefits of digital revolution.

The PM’s speech referred to the perils of technology and data that had turned them into new forms of “weapons”.

The reference to bitcoins comes days after a Parliament committee discussed ways to ensure safety of bitcoins.

Mr. Modi also highlighted the leaps in India’s digital revolution and said it was taking care of “individual rights”.

“India’s digital revolution is rooted in our democracy, our demography and the scale of our economy. The digital age is changing everything around us. It has redefined politics, economy and society. It is raising new questions on sovereignty, governance, ethics, law, rights and security,” observed Mr. Modi during his speech.

He added India was experiencing five-fold changes involving the digital domain, such as building of the most extensive public information infrastructure and agriculture.

“India’s industry and services sectors, even agriculture, are undergoing massive digital transformation. We are also using digital technology for clean energy transition, conservation of resources and protection of biodiversity,” noted Mr. Modi.

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