Prime Minister Narendra Modi on Thursday called for all democratic nations to work together on cryptocurrency.
The PM’s remarks came in a speech at the Sydney Dialogue as the government is still considering a regulatory framework required to manage and oversee investments made by millions of Indians in the digital currency.
The PM said that the digital age is changing everything around us and it has redefined politics, economy and society.
“Take cryptocurrency 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,” PM Modi said.
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.
The government is likely to introduce a bill on cryptocurrencies during the winter session of Parliament beginning November 29.
The Sydney Dialogue is being held from November 17-19. It is an initiative of the Australian Strategic Policy Institute.
The Prime Minister said 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.
PM Modi emphasised how the digital age is reshaping international competition, power and leadership.
“It has ushered in a new era of opportunities for progress and prosperity. But, we also face new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space,” PM Modi said.
India as a democracy and digital leader is ready to work with partners for our shared prosperity and security, the PM said.
“India’s digital revolution is rooted in our democracy, our demography & the scale of our economy. It’s powered by enterprise & innovation of our youth,” PM Modi said.
India going through five important transition
PM Modi said that there are five important transitions taking place in India ranging from building the world’s most extensive public information infrastructure to the fastest-growing Startup Ecosystem.
*Over 1.3 billion Indians have a unique digital identity. India is on the way to connecting six hundred thousand villages with broadband.
*Transforming the lives of the people by using digital technology for governance, inclusion, empowerment, connectivity, delivery of benefits and welfare.
*India has the world’s third-largest and fastest-growing Startup ecosystem. New unicorns are coming up every few weeks. They are providing solutions to everything from health and education to national security.
*India’s industry and services sectors, even agriculture, are undergoing massive digital transformation. Using digital technology for clean energy transition, conservation of resources and protection of biodiversity.
*Investing in developing indigenous capabilities in telecom technology such as 5G and 6G.
India’s IT talent helped to create global digital economy
PM Modi said that India’s IT talent has helped to create a global digital economy and cope with the Y2K problem. It has contributed to the evolution of technologies and services we use in our daily lives.
“Today, we offered our CoWin platform to the entire world free and made it open source software,” the PM said.
Source : TOI
