Cryptocurrency shouldn't fall in wrong hands, will spoil youth: PM Modi at Sydney Dialogue

Prime Minister Narendra Modi while addressing the Sydney Dialogue today said that India's industry and services sectors are undergoing massive digital transformation while underlining the impact of the digital age. PM Modi said, "We are in a time of change that happens once in an era, where technology and data are becoming new weapons."

Speaking on cryptocurrency, Modi said that it is important that all democratic nations work together to ensure that cryptocurrency doesn't end up in the wrong hands and spoil the youth. Last week PM Modi had chaired a high-level meeting to discuss issues related to bitcoin and put forth their concern over the unregulated crypto market in India and what it can lead to.

In the meeting, it was discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing. The government is conscious of the fact that this is an evolving technology hence it will keep a close watch and take proactive steps.

In his speech at the Sydney Dialogue, Narendra Modi further stated that the world has ushered in a new era of opportunities for progress and prosperity. "But we also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order," he said.

Meanwhile, the Parliamentary Standing Committee on Finance in its meeting on Monday reached a consensus that a mechanism should be put in place to regulate cryptocurrency.