Modi spoke for the first time on cryptocurrency: Warning given in Sydney Dialogue – Crypto should not fall into wrong hands, otherwise it will destroy the youth

Prime Minister Narendra Modi addressed 'The Sydney Dialogue' program through video conferencing on Thursday. Modi said that it is a matter of great honor for the people of India that you have invited me to address the Sydney Dialogue. I see this as a recognition of India's central role in the Indo-Pacific region and the emerging digital world.

PM Modi said that we are building the world's largest public information infrastructure. We are building the world's strongest payment infrastructure. We are the world's largest data consumer. He said that crores of laborers of the country are benefiting from our One Nation-One Card scheme. New leaders are emerging in India's startup ecosystem. In agriculture and clean energy too, we are changing the picture with digital technology.

However, Modi also warned about crypto in his speech. “All countries must make a joint decision that cryptocurrencies do not fall into the wrong hands, or else it will destroy our youth,” he said. This was the first time that Modi spoke on cryptocurrency in a public forum.

Modi said that we are walking in the time of change. Changes that happen over the ages. The digital age is changing everything around us. It has written a new definition of politics, economy and society. Digital technology is reshaping international competition, power and leadership, but at the same time we face new threats and controversies.

The Prime Minister said that as a democracy and a digital leader, India stands ready to work with partners for their shared prosperity and security. India's digital revolution is embedded in the scale of democracy, demography and economy. It is driven by the enterprise and innovation of our youth.

Australian PM Scott Morrison said that there is a deep friendship between Australia and India, with time our relationship will grow further. We are making great progress in many fields including space, science, digital technology. It is an honor for Australia that PM Modi is addressing the 'Sydney Dialogue'.