Let's make sure cryptocurrency doesn't end up in wrong hands: Modi

Indian Prime Minister Narendra Modi today urged all democratic countries to work together to ensure cryptocurrency "does not end up in wrong hands."

"We are in a time of change that happens once in an era. The digital age is changing everything around us. It has redefined politics, economy and society. It is raising new questions on sovereignty, governance, ethics, law, rights and security. It is reshaping international competition, power and leadership," Modi said in his keynote speech at the first Sydney Dialogue.

"But, we also face new risks and new forms of conflicts across diverse threats from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order. Technology and data are becoming new weapons… We should not allow a few vested interests to misuse this openness (of democracy)," Modi said.

The Indian prime minister further said it was essential for democracies to work together to invest together in research and development in future technology, to create standards and norms for data governance and for cross-border flow that protect and secure data, reports our New Delhi correspondent.

"It should also recognise national rights and, at the same time, promote trade, investment and larger public good. Take cryptocurrency or bitcoin, for example. It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth," Modi said.

Modi's remarks on cryptocurrency comes just a few days after he discussed the issue on rules for it in India and a decision was taken to set up a committee to frame the rules to ensure checks and balances.