Prime Minister Narendra Modi on Thursday urged all democratic countries must work together on cryptocurrency to ensure it “does not end up in wrong hands”.
Speaking at the Sydney Dialogue, Modi said, "It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth.”
He further said the digital age is changing everything as it has redefined politics, economies and societies and has raised new questions on sovereignty, governance, ethics, rights and security.
The Prime Minister was speaking on the theme of “India’s Technology: Evolution and Revolution.”
Talking about India’s own digital revolution, Modi explained that it is rooted in “democracy, demography and the scale of its economy”. “It is powered by enterprise and innovation of our youth,” he added.
Saying that technology and data are becoming new weapons, Modi asserted that the democratic countries should not allow a few vested interests to misuse the openness.
Modi's caution comes days after he held discussions on how to move forward on cryptocurrency in India amid concerns that unregulated markets could become avenues for money laundering and terror financing.