In his address to Davos, Prime Minister Modi said that in early 2022, when we are brainstorming in Davos, then India considers it its responsibility to make it aware of some challenges. The challenges we have been facing as a global family are also increasing. To combat these, every country and global agency needs to act together. After this, the PM gave the example of cryptocurrency and said that the kind of technology associated with it, the decisions taken by any one country will be insufficient to deal with its challenges. We have to have a similar mindset.
He questioned whether the ‘multilateral organisations’ are ready to tackle the new challenges. He said that when these institutions were formed, the situation was different. Today the situation is different. In such a situation, it is the duty of every democratic country to emphasize reforms in these institutions.
It is worth noting that Prime Minister Modi has spoken very strongly about cryptocurrency in the past as well. In the Sydney Dialogue in November, the PM gave the example of bitcoin and said that all democratic countries should work together on it. Make sure it does not fall into the wrong hands, or else it may harm our youth.
In a virtual summit hosted by US President Joe Biden in December, PM Modi said that we should jointly shape global norms for emerging technologies like social media and cryptocurrencies. So that they can be used to strengthen democracy and not to weaken it.
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