Ensure cryptocurrency doesn’t end up in wrong hands, says PM Modi

Tribune News Service

New Delhi, November 18

Prime Minister Narendra Modi on Tuesday flagged the downside of critical technologies and said India with its strong democratic credentials, with an accent on individual rights, was the best partner for other democracies.

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Nations must join hands for tech

Democracies must invest together in the research amp; development of future technology, create trusted manufacturing base and supply chains and work to prevent manipulation of public opinions. Narendra Modi, PM

The PM was delivering the keynote address at the Sydney Dialogue where Australian Prime Minister Scott Morrison had listed 63 critical technologies that would enable the Quad and AUKUS groupings to match China’s advances in technologies that could enable global economic and security dominance.

“Take cryptocurrency or bitcoin for example. 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 said.

India has unmatched experience in using digital technology in a democratic framework with strong guarantees for individual rights and the use of technology linked to values and vision, PM Modi said, using an idiom employed by US President Joe Biden and Morrison in their attempt to counter Chinese foray in critical technologies.

While investing in developing indigenous capability in artificial intelligence and machine learning, India is taking care that it is human centered and used ethically. India has also created a robust framework of data protection, privacy and security. “The use of technology is linked to values and vision. It is essential for democracies to invest in future technology,” he underlined.

The PM said, “The digital age has helped in ushering in a new era of opportunities for progress and prosperity but at the same time, it brings new challenges.”

The government has set up a joint task force with the industry to make India a global hub of cyber security. “We have benefits of scale and global trust,” he said.

India is now focusing on hardware and preparing a package of incentives to become a key manufacturer of semiconductors.