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Prime Minister Narendra Modi has called for global cooperation to ensure that cryptocurrencies do not end up in the wrong hands and spoil the youth.
Addressing the Sydney Dialogue on Thursday, Modi also highlighted the five digital transitions taking place in India in 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.
At present, cryptocurrencies are not banned in India but there is growing discussion on the need to regulate it. At a parliamentary panel meeting on issues related to cryptofinance earlier this week, many experts and MPs spoke against banning cryptocurrency but said it was important to put in place a regulation to help protect investors.
The PM’s call for cooperation to protect the youth has been made following industry reports suggesting that many youngsters, including teens, are investing in cryptocurrencies.
‘Global digital economy’
Many of them may not be aware of the risks associated with such investment. China has banned all cryptocurrency transactions in September this year.
“India’s IT talent helped to create the global digital economy, cope with the Y2K problem and 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.
Indigenous capabilities
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.
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