PM Modi warns world about crypto-currencies falling in wrong hands

Underlining that India has created a robust framework of data protection, privacy and security, Prime Minister Narendra Modi has cautioned that the world must act together to ensure cryptocurrencies do not end up in wrong hands.

The international order should ensure cryptocurrencies do not end up in wrong hands, Mr Modi said at The Sydney Dialogue on November 18. “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 in his virtual address at the prestigious conference.

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

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

“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,” said Mr. Modi. He stressed that 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.

“The greatest product of technology today is data. In India, we have created a robust framework of data protection, privacy and security. And, at the same time, we use data as a source of empowerment of people,” said Mr Modi. “India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights.”

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