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.
The Sydney Dialogue is being held between November 17-19. It is an initiative of the Australian Strategic Policy Institute.
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.
“We are in a time of transformation,” The conference hosted by the Australian Strategic Policy Institute, saw the Prime Minister emphasise the impact of the Digital Age that “occurs just once in a generation, where technology and data are becoming new weapons.”
In his speech at the Sydney Dialogue, PM Modi further stated that the world has ushered in a new era of opportunities for progress and prosperity. “But we also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order,” he said.
Giving an overview of India’s approach to new technologies, PM Modi said the country is investing in developing indigenous capabilities in diverse areas including in 5G and 6G for the telecom sector.
The central government is still considering a regulatory framework required to manage and oversee investments made by millions of Indians in the digital currency.
Also Read: Red alert issued for Chennai, adjoining districts today
Last week, PM Modi chaired a meeting to discuss the future of cryptocurrencies amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing, reported news agency Reuters.
On Monday, the Parliamentary Standing Committee on Finance convened a meeting on the issue, where a consensus was reached that a mechanism should be put in place to regulate cryptocurrency, according to people aware of the developments.
(With inputs from agencies)
