Sydney Dialogue | PM Modi urges democratic nations to work together on cryptocurrency

‘Ensure that it does not end up in wrong hands, which can spoil our youth,’ PM says.

All democratic nations must work together to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth," Indian Prime Minister Narendra Modi said on November 18, 2021, in his first public comments on the subjects.

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The remarks came in a speech at the Sydney Dialogue as the Centre is still considering a regulatory framework required to manage and oversee investments made by millions of Indians in the digital currency.

Last week Mr. 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, sources had told Reuters.

While admitting that the digital age is changing everything around us and redefining politics, economy and society, Mr. Modi said it also raising new questions on sovereignty, governance, ethics, law, rights and security.

Asserting that India has created robust framework of data protection, privacy and security, Mr. Modi said with over 1.3 billion unique digital identity, India was on its way to connecting 600,000 villages with broadband.

“India uses data as source of empowerment of people. The country has unmatched experience in doing this in democratic framework,” the Prime Minister said.

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