Prime Minister Narendra Modi on Friday stated that emerging technologies as social media and cryptocurrencies should be utilised to empower democracy, not to undermine it. PM Modi was delivering a virtual address at the "Summit for Democracy" hosted by US President Joe Biden. Representatives from over a hundred countries are attending the summit.
"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," noted PM Modi.
In his address at the Summit, PM Modi added that by working together, democracies can meet the aspirations of its citizens and also celebrate the democratic spirit of humanity. "India stands ready to join fellow democracies in this noble endeavour," conveyed PM Modi in his address.
He also added that India would be happy to share its expertise in holding free and fair elections, and in enhancing transparency in all areas of governance through innovative digital solutions.
Further, he expressed that the "India Story" has one clear message for world - "That democracy can deliver, that democracy has delivered and that democracy will continue to deliver".
"It is a story of constant improvements in health, education, and human well-being at an un-imaginable scale," stated PM Modi.
PM Modi explained that structural features like multi-party elections, independent judiciary, and free media - are important instruments of democracy. However, the basic strength of democracy is the spirit and ethos that lie within its citizens and societies.
"Democracy is not only of the people, by the people, for the people but also with the people, within the people," noted PM Modi.
Back in India, the Bill concerning cryptocurrency is among the most keenly awaited new bills to be introduced in the Winter Session of the Parliament with the government intending to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India (RBI).
Issues concerning cryptocurrency have figured in questions by members in the first week of the winter session and Finance Minister Nirmala Sitharaman has talked about the government improving on the bill planned for introduction earlier.
PM Modi had last month chaired a comprehensive meeting on the way forward for cryptocurrency and related issues which was also an outcome of a consultative process with RBI, Finance Ministry, Home Ministry having done an elaborate exercise on it in which they consulted experts from across the country and the world.
Also Read: Why is the cryptocurrency market falling?
Also Read: PM Modi, Rajnath Singh pay tribute to CDS Gen Bipin Rawat, other victims of chopper crash