![Cryptocurrencies should be used to boost democracy, not harm it: PM Cryptocurrencies should be used to boost democracy, not harm it: PM](https://varindia.com/storage/news/uploads/2018/02/61b47eb21c1ec.jpg)
In a virtual address at the Summit for Democracy hosted by US President Joe Biden, Prime Minister Narendra Modi emphasized on creating global norms for emerging technologies like social media and crypto-currencies so that these are used to empower democracy, not to erode it.
Modi had previously warned that bitcoin presented a risk to younger generations as the government prepared to introduce legislation to regulate digital currencies. According to reports, Modi is expected to take a final call soon on the regulatory framework governing the use of cryptocurrencies and related products.
The PM said, “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.”
He also said, “We all need to constantly improve our democratic practices and systems. And, we all need to continuously enhance inclusion, transparency, human dignity, responsive grievance redressal and decentralization of power."
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