Nations must ensure that cryptocurrencies do not go into the wrong hands, they can spoil the young: PM
NEW DELHI :
Prime Minister Narendra Modi on Thursday called on democratic nations to work together to ensure that cryptocurrency does not end up in the wrong hands, as he underscored the need for like-minded countries to jointly tackle the emerging challenges of the digital revolution. . In a virtual speech at the Sydney Dialogue, he said that technology and data are becoming "new weapons" and whether all the wonderful powers of technology will be instruments of cooperation or conflict, coercion or choice and domination or development will depend on the decisions that nations make. . The prime minister said democracies must invest together in future technology research and development, create a reliable manufacturing base and supply chains, and work to prevent the manipulation of public opinion. Modi's comments came amid growing global concerns about China's use of new-age technologies to advance its strategic agenda. He said that democracy's greatest strength is its openness and that some vested interests should not be allowed to misuse it, noting that the digital age has redefined politics, economies and societies, as well as raising new questions. on sovereignty, governance, ethics, rights and security.
Modi said like-minded countries should develop governance and technical standards and norms consistent with their democratic values โโand create standards and norms for data governance. โIt must also recognize national rights and, at the same time, promote trade, investment and the public good in general. Take cryptocurrency or bitcoin, for example, โhe said. "It is important that all democratic nations work together on this and make sure it does not end up in the wrong hands, which can ruin our youth," he added. There have been concerns in India over misleading claims of huge returns on investing in cryptocurrencies and their possible use for money laundering and terrorist financing. Last week, Modi chaired a meeting on the way forward in cryptocurrencies or bitcoins. Giving an overview of India's approach to new technologies, Modi said that the country is investing in the development of indigenous capabilities in various areas, including 5G and 6G for the telecommunications sector, and is one of the leading nations. in artificial intelligence (AI) and machine learning, especially in the ethical and โhuman-centricโ use of AI.
The Prime Minister said that India uses data as a source of empowerment for people and that the country has unrivaled experience in doing so in a democratic framework with strong guarantees of individual rights. Technology, he said, has already become an important instrument of global competition and key in shaping the future international order. โWe are in a historic moment of election. If all the wonderful powers of technology of our time will be instruments of cooperation or conflict, coercion or choice, domination or development, oppression or opportunity, "said Mod." India, Australia and our partners in the Indo-Pacific region and beyond listen to the call of our time. And we are prepared to stand up to fulfill our responsibilities โ, he added. India invests in capacity development in 5G and 6G technology: PM Modi: INDIA is investing in local capacity development in 5G and 6G telecommunications technologies as well as focusing on semiconductor manufacturing, Prime Minister Narendra Modi said.
