Ensure cryptocurrency does not end in wrong hands: PM to democratic nations

TNN Bureau. Updated: 11/18/2021 1:29:21 PM Business and Economy

Prime Minister Narendra Modi on Thursday urged all democratic nations to work together to ensure that cryptocurrency does not end up in the wrong hands, cautioning that it can spoil the youth. In a virtual address at the Sydney Dialogue, he 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 PM spoke on the theme of India’s technology evolution and revolution. The address was preceded by introductory remarks by the Australian Prime Minister, Scott Morrison. Modi noted recognition for India’s central role in the Indo Pacific region and in the emerging digital world. Noting the benefits of digital age, the Prime Minister also said that the world also faces new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space.

As a democracy and a digital leader, India is ready to work with partners for shared prosperity and security, he said. “India’s digital revolution is rooted in our democracy, our demography, and the scale of our economy. It is powered by enterprise and innovation of our youth. We are turning the challenges of the past into an opportunity to take a leap into the future.”

The Prime Minister listed five important transitions taking place in India. “One, the world’s most extensive public information infrastructure being built in India. Over 1.3 billion Indians have a unique digital identity, six hundred thousand villages will soon be connected with broadband and the world’s most efficient payment infrastructure, the UPI. Two, use of digital technology for governance, inclusion, empowerment, connectivity, delivery of benefits and welfare. Three, India has the world’s third largest and fastest growing Startup Eco-system. Four, India’s industry and services sectors, even agriculture, are undergoing massive digital transformation. Five, there is a large effort to prepare India for the future,” he said.

“We are investing in developing indigenous capabilities in telecom technology such as 5G and 6G. India is one of the leading nations in artificial intelligence and machine learning, especially in human-centred and ethical use of artificial intelligence. We are developing strong capabilities in Cloud platforms and cloud computing”, he added.

Talking about the resilience and digital sovereignty of India, the PM said, “We are focusing on hardware. We are preparing a package of incentives to become a key manufacturer of semi-conductors. Our production linked incentive schemes in electronics and telecom are already attracting local and global players to set up base in India”.

He also asserted that India is commitment to data protection, privacy and security. “At the same time, we use data as a source of empowerment of people. India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights”, he said.

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