New Delhi: Prime Minister Narendra Modi on Thursday called on all democratic countries to work together on Cryptocurrency.
The PM statement came in a speech at Sydney dialogue because the government still considered the regulatory framework needed to manage and supervise investments made by millions of Indians in digital currencies.
PM said that the digital era turned everything around us and it had redefined politics, economy and society.
“Take the cryptocurrency or bitcoin for example.
It is important that all democratic countries work together and ensure it does not end in the wrong hands, which can damage our youth,” said PM Modi.
Last week, PM Modi led the meeting to discuss the future of Cryptocurrency amid fears that the non-regulated crypto market could be a way for money laundering and terror financing.
The government is likely to introduce the bill at the Cryptocurrency during the parliamentary winter session starting November 29.
Sydney dialog is being held from November 17-19.
This is an initiative of the Australian strategic policy institute.
The Prime Minister said that the world has delivered a new era of opportunities for progress and prosperity.
“But we also face new risks and new forms of conflict in various threats, from sea bed to cyber into space.
Technology has become a large instrument of global competition and the key to forming an international order in the future,” he said.
PM Modi emphasizes how the digital era reshapes international competition, power and leadership.
“This has delivered a new era of opportunities for progress and prosperity.
But, we also face new risks and new forms of conflict in various threats from sea bed to the cyber room,” said PM Modi.
India as a democracy and digital leaders are ready to work with partners for prosperity and security with us, said PM.
“The Digital Revolution of India is rooted in our democracy, our demographics & our economy.
Supported by the company & innovation of our youth,” said PM Modi.
India through five important modi transitionPM said that there are five important transitions that occur in India starting from building the most extensive public information infrastructure in the world with the fastest growing startup ecosystem.
* More than 1.3 billion Indians have a unique digital identity.
India is on its way to connect six hundred thousand villages with broadband.
* Change the lives of people using digital technology for governance, inclusion, empowerment, connectivity, shipping benefits and welfare.
* India has the third largest and fastest startup ecosystem in the world.
New Unicorn comes every few weeks.
They provide solutions for everything from health and education to national security.
* Indian industrial and service sectors, even agriculture, are undergoing massive digital transformations.
Use digital technology for clean energy transitions, conservation of resources and protection of biodiversity.
* Invest in developing customary capabilities in telecommunication technology such as 5G and 6G.
Indian TI talents helped create a global digital Economypm Modi said that TI India’s talent has helped create a global digital economy and overcome Y2K problems.
This has contributed to the evolution of the technology and the services we use in our daily lives.
“Today, we offer our Cowin platform to the whole world for free and make it open source software,” said PM.
Cryptocurrency can damage youth: Modi PM
