'Shouldn't End Up in Wrong Hands, May Spoil Youths': PM Modi on Bitcoin at Sydney Dialogue

Prime Minister Narendra Modi on Thursday said that India’s industry and services sectors are undergoing massive digital transformation. Citing the example of bitcoin, the PM urged nations to work together on the issue of cryptocurrency and ensure it does not “end up in wrong hands that can spoil our youth”.

“India’s industry and services sectors are undergoing massive digital transformation using technology for conversion of resources and protection of biodiversity,” PM Modi said at Sydney dialogue.

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.

Sources had said that the meeting was a “very comprehensive one” and was an outcome of a consultative process as the RBI, Finance Ministry, Home Ministry had done an elaborate exercise on it. Experts from across the country and the world, too, were consulted.

“It was also discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing,” sources had said. The government is cognizant of the fact that this is an evolving technology hence it will keep a close watch and take proactive steps.

The prime minister’s speech on the theme of India’s technology evolution and revolution was preceded by introductory remarks by Australian Prime Minister Scott Morrison. A day before the dialogue, PM Modi had tweeted, “At around 9 am tomorrow, 18th November, will be delivering the keynote address at The Sydney Dialogue. This forum focuses on new avenues of technology and how they can be leveraged for the good of our planet.”

The dialogue was aimed to bring together political, business and government leaders to debate, generate new ideas, and work towards common understandings of the opportunities and challenges posed by emerging and critical technologies.

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