Democracies need to work together for safe cryptocurrency operations: PM

Prime Minister Narendra Modi has called for global cooperation in ensuring that cryptocurrencies do not end up in the wrong hands.

The Prime Minister, speaking at the Sydney Dialogue on Friday, also outlined five digital transitions taking place in India in the areas of public information infrastructure, digital identity, broadband connections, clean energy and telecom technology.

“It is important that all democratic nations work together on this (cryptocurrencies including bitcoins) and ensure it does not end up in wrong hands, which can spoil our youth,” Modi said. In India, we have created a robust framework of data protection, privacy and security, he added.

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“India’s IT talent helped to create the global digital economy. It helped cope with the Y2K problem. It has contributed to the evolution of technologies and services we use in our daily lives,” the Prime Minister said.

Outlining India’s digital capabilities, Modi pointed out that there were five important transitions taking place in India. “One, we are building the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a unique digital identity. We are on our way to connect six hundred thousand villages with broadband,” the Prime Minister said.

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,” he pointed out.

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The country is also investing in developing indigenous capabilities in telecom technology such as 5G and 6G, Modi said. The Sydney Dialogue is an annual summit of cyber and critical technologies, initiated by the Australian Strategic Policy Institute, to discuss the impact of digital technologies on the world.