PM Narendra Modi urged all democratic countries to work together on crypto-currency

Prime Minister Narendra Modi today urged all democratic countries to work together to ensure that crypto-currency does not fall into the wrong hands, endangering the youth’s future.

It was critical for democracies to establish data governance and cross-border data flow standards and norms that protect and secure data. In his keynote talk at the “Sydney Dialogue,” he emphasized that data governance should respect national rights while simultaneously promoting trade, investment, and the wider public good.

Modi emphasized the importance of India’s position in the Indo-Pacific region and the rising digital world. While acknowledging the positives of the digital age, he also stated that the world was facing new perils and new forms of conflict due to threats ranging from the seabed to cyberspace to space. “Democracy’s greatest strength is its transparency.” At the same time, we must not allow a few vested interests to take advantage of this transparency,” stressed the Prime Minister.

India, he added, was ready to cooperate with partners for shared prosperity and security as a democracy and a digital leader. “Our democracy, our demography, and the size of our economy are all factors in India’s digital revolution.” It is propelled by our youth’s entrepreneurial spirit and ingenuity. We’re transforming the obstacles of the past into a chance to jump into the future.”

India is going through five major transitions, according to the Prime Minister:

— India was constructing the world’s most extensive public information infrastructure. Over 1.3 billion Indians have a digital identity, and 600,000 villages will be connected to broadband and the UPI, the world’s most efficient payment infrastructure, in the near future.

— 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

–The application of digital technology to governance, inclusion, empowerment, connectivity, and benefit and welfare delivery;

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

PM stated, “We are investing in the development of indigenous telecom technology capabilities such as 5G and 6G.” India is a world leader in artificial intelligence and machine learning, particularly when it comes to human-centered and ethical AI. Modi continued, “We are building great skills in Cloud platforms and cloud computing.”

He cited India’s contribution to the Y2K crisis and its release of the CoWin platform as open-source software to the rest of the globe as evidence of the country’s ideals and ambition. “India has a long history of democratic values, and its current institutions are strong. And we’ve always seen the world as one family,” said the PM.

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