New Delhi: Prime Minister Narendra Modi said on Thursday that all democratic countries must work together to protect Bitcoin from falling into the wrong hands.

Modi delivered the keynote talk at the inaugural Sydney Dialogue via video conference, focusing on India's technological progress and revolution, as well as the country's prominent role in the Indo-Pacific region and the rising digital world.

PM Modi used virtual money as an example, saying, "Take, for example, cryptocurrencies or Bitcoin. It is critical that all nations collaborate on this to guarantee that it does not get into the wrong hands, endangering our youth." While acknowledging the advantages of the digital age, the Prime Minister also stated that the globe now faces new risks and forms of conflict from the seabed to cyberspace to space.

The most important feature of democracy is its openness. At the same time, we must not allow a few vested interests to take advantage of this transparency, stated the Prime Minister. He also said that India, as a democracy and a digital leader, is willing to collaborate with other countries for shared prosperity and security. "The digital revolution in India is anchored in our democracy, demographics, and economic size. It is propelled by our youth's entrepreneurial spirit and ingenuity. We're transforming the obstacles of the past into a chance to jump into the future." Prime Minister Modi said.

Government to give asset status to cryptocurrency, law may come soon

Pvt Cryptocoins to be Banned, Govt to Launch Official Digital Cryptocurrency Soon

Karnataka BJP chief's name drags into the Bitcoin scandal by Congress