Modi warns of cryptocurrency, saying nations need to work together, Modi said the digital age raised new questions about sovereignty, governance, morality, rights, and security in a keynote address at the Sydney Dialogue.
Prime Minister Narendra Modi on Thursday said all democracies need to work together on cryptocurrency and ensure that it does not end up in the wrong hands. Delivering a keynote address at the first Sydney video conference, Modi spoke on the theme of technological advancement and change in India and the remarkable recognition of a critical national role in the Indo-Pacific region and the emerging digital world.
Giving an example of real money, he said, “Take cryptocurrency or Bitcoin as an example. All nations must cooperate in this and ensure that it does not end up in the wrong hands, harming our youth.
As the digital age has got lots of new benefits, the PM of India also said that the world faces new dangers and new forms of conflict in various threats from the coast to cyber to space.
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“The greatest strength of democracy is openness. Along with it, we should also not allow a few vested interests to exploit this openness,” Modi said. He also said that as a democracy and a digital leader, India is ready to work with its partners to improve shared security.
“India’s digital transformation is focused on our democracy, human capital, and the level of our economy. Empowerment through the business and youth of the nation has led us to change the past challenges into future opportunities.”
Highlighting the significant changes taking place in India, Modi said India’s most comprehensive public information infrastructure is in the process of construction. More than 1.3 billion Indians with unique digital ownership, 600,000 villages will soon go to have a broadband connection with the world’s most efficient payment infrastructure, UPI, the latest Aarogya Setu program, and the Cowin vaccine.
“We are investing in developing indigenous skills in telecom technologies such as 5G and 6G. India is one of the leading countries in practical and technological know-how, especially in human-centred practice and good ethics of artificial intelligence. We are building strong capacity in Cloud and cloud computing platforms”, he added.
He also said that India’s contribution to tackling the Y2K crisis and its commitment to the Cowin platform worldwide as open-source software are examples of India’s values and vision.
“India’s democratic culture; its modern facilities are strong. Also, we have always believed in the whole world as one family,” he added.Describing India’s vast experience with the use of technology and policy for the benefit of society, he said inclusive development and community development could be of great help to developing countries.
“We can work together to equip nations and their people and prepare them for the opportunities of this century,” he said. Guiding democracies, PM Modi called for a collaborative framework “to invest together in future research and technological development.
Developing a reliable production base and supply chains; deepening the intelligence and cooperation of cybersecurity to protect critical information infrastructure.
To prevent the exploitation of public opinion; to develop technological and administrative standards and procedures in line with our democratic values; and, creating standards and policies for data management and the flow of boundaries that protect and secure data.”
He said emerging institutions should also respect national rights and, at the same time, promote trade, investment and more incredible social benefits.