Cryptocurrencies should be used to empower democracy, not undermine it: PM Modi at Summit for Democracy

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New Delhi: Prime Minister Narendra Modi said on Friday (December 10) that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.

"We must also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it," Modi said in his address at a virtual "Summit for Democracy". The event was hosted by U.S. President Joe Biden.

Previously, Prime Minister Modi had said that all democratic nations must work together to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth"  in what were his first public comments on the subject. 

PM Modi had also urged to ensure cryptocurrency "does not end up in wrong hands, which can spoil our youth," during his speech at the Sydney Dialogue. Last month, the PM had also chaired a meeting to discuss the future of cryptocurrencies amid concerns that unregulated crypto markets could become avenues for money laundering and terror financing. Also Read: Netflix launches Tudum, a new website for news, interviews, behind-the-scenes videos

Meanwhile, the Indian government is also currently working on a cryptocurrency bill to regulate digital coins in the country. Reports suggest that the bill could also empower the Reserve Bank of India to launch its own central bank digital currency (CBDC), which is a virtual form of fiat currency. Also Read: PM Kisan Yojana: Select farmers can get Rs 4000 instead of Rs 2000 in 10th instalment, check eligibility

- With inputs from Reuters.