Modi calls for caution on cryptocurrencies

November 19, 2021 12:00 am | Updated 06:40 am IST - NEW DELHI

‘They must not reach wrong hands’

“Vested interests” should not “misuse” democracy’s “openness”, said Prime Minister Narendra Modi on Thursday delivering the keynote speech at the Sydney Dialogue. Addressing the event through videoconferencing, Mr. Modi highlighted India’s digital revolution and cautioned against misuse of cryptocurrencies and urged democracies to work together to deal with the threat.

“The biggest strength of democracy is openness. At the same time, we should not allow a few vested interests to misuse this openness,” said Mr. Modi listing the “five important transitions” taking place in India.

He included the changes in the digital domain of India as part of the transformative developments and said India was using digital data to empower people.

Building of the world’s most extensive public information infrastructure, use of digital technology for governance, building of the world’s third largest start-up ecosystem, digital changes in agriculture, preparing for 5G and 6G are the “five important transitions”, he said. The Prime Minister also called upon the world to stop misuse of cryptocurrencies. “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.” When technology and data are misused, they become new forms of weapons, he said.

Mr. Modi pointed out the evolving changes in the domains of technology and security and cautioned the world about multiple threats from “the seabed to cyber to space”.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.