Indian Prime Minister Narendra Modi addressing the Sydney Dialogue via video conference on Thursday said democratic nations must work together to ensure cryptocurrency does not end up in the wrong hands and spoil our youth. Indian PM spoke about cryptocurrencies and India’s digital revolution during the conference.
PM Modi warned of risks related to new technology like crypto.
Underlining the impact of the Digital Age, Indian Prime Minister Narendra Modi today said, “we are in a time of change” that happens once in an era where technology and data are becoming new weapons. “Take crypto-currency or bitcoin, for example. 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,” he noted. The Prime Minister said that the world has ushered in a new era of opportunities for progress and prosperity.
Prime Minister Modi had earlier expressed concern over the use of crypto in money laundering.
“We 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,” PM Modi said while addressing the conference. As reported earlier, PM Modi chaired a meeting last week on cryptocurrencies and expressed his concerns over the use of cryptocurrencies in money laundering and terror funding. The Indian government is all set to table a comprehensive bill on cryptocurrency, which may be presented in the coming Winter Session of Parliament.