PM urges democratic nations to work together on crypto-currency

PM urges democratic nations to work together on crypto-currency

Prime Minister Narendra Modi (Photo: Twitter)

Prime Minister Narendra Modi today called on all democratic countries to work together to ensure that crypto-currency does not end up in the wrong hands, spoiling their youth.

It was essential for democracies to create standards and norms for data governance and for cross-border flow that protect and secure data. Data governance should also recognise national rights and, at the same time, promote trade, investment and larger public good, he said in his keynote address at the ”Sydney Dialogue”.

Modi noted recognition for India’s central role in the Indo Pacific region and in the emerging digital world. Noting the benefits of the digital age, he said that the world also faced new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space. “The biggest strength of democracy is openness. At the same time, we should not allow a few vested interests to misuse this openness”, the Prime Minister said.


He said that as a democracy and a digital leader, India was ready to work with partners for shared prosperity and security. “India’s digital revolution is rooted in our democracy, our demography, and the scale of our economy. It is powered by the enterprise and innovation of our youth. We are turning the challenges of the past into an opportunity to take a leap into the future”

The Prime Minister listed five important transitions taking place in India:

— The world’s most extensive public information infrastructure was being built in India. Over 1.3 billion Indians have a unique digital identity and 600000 villages will soon be connected with broadband and the world’s most efficient payment infrastructure, the UPI;

–The use of digital technology for governance, inclusion, empowerment, connectivity, delivery of benefits and welfare;

— India has the world’s third largest and fastest growing Startup Ecosystem;

— India’s industry and services sectors, even agriculture, are undergoing massive digital transformation; and

–There is a large effort to prepare India for the future.

“We are investing in developing indigenous capabilities in telecom technology such as 5G and 6G. India is one of the leading nations in artificial intelligence and machine learning, especially in human-centred and ethical use of artificial intelligence. We are developing strong capabilities in Cloud platforms and cloud computing”, Modi added.

Talking about the resilience and digital sovereignty of India, he said, “We are focusing on hardware. We are preparing a package of incentives to become a key manufacturer of semiconductors. Our production linked incentive schemes in electronics and telecom are already attracting local and global players to set up bases in India”.

He also asserted India’s commitment to data protection, privacy and security. “At the same time, we use data as a source of empowerment for people. India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights”, said the Prime Minister.

He said India’s contribution in coping with the Y2K problem and its offering CoWin platform to the world as open source software are examples of India’s values and vision. “India’s democratic traditions are old; its modern institutions are strong. And, we have always believed in the world as one family.”