As India is mulling new rules for digital money, Prime Minister Narendra Modi has called for regulations to ensure cryptocurrencies like bitcoin do not “end up in the wrong hands,” warning that this could “spoil” young people.
While he did not expand on those concerns, Modi spoke on Thursday about the need for “democratic nations” to band together and deal with challenges posed by emerging technologies. He was delivering a virtual address at the Sydney Dialogue, an annual cyber-tech summit.
Noting that technology and data could either become “new weapons” for conflict or “instruments of cooperation,” Modi brought up digital currencies as an example of how it was important that like-minded nations “work together on this” to “ensure it does not end up in the wrong hands, which can spoil our youth.”
We are at a historic moment of choice. Whether all the wonderful powers of technology of our age will be instruments of cooperation or conflict, coercion or choice, domination or development, oppression or opportunity.
He also urged the development of technical and governance standards and norms, singling out the use of data, and called for renewed efforts to prevent manipulation of public opinion. In recent weeks, Indian authorities have raised concerns over claims of huge returns from cryptocurrency investment as well as its potential connections to money laundering, organized crime and terror financing.
On Saturday, Modi chaired a meeting to formulate the country’s approach to digital currencies and examine their impact on the economy. According to The Economic Times, Indian officials are drafting regulations to propose a ban on all transactions and payments in cryptocurrencies, while allowing investors to hold them as assets, similar to gold, bonds and stock shares.
Citing unnamed sources familiar with the government’s discussions, the newspaper said there was a belief in policy circles that crypto markets needed to be regulated in order to tackle the problem of opaque advertising that exaggerates investment returns in order to attract young investors.
The sources informed the newspaper that draft legislation on the matter was expected to be forwarded to Modi’s cabinet for consideration in the next two to three weeks.
In September, China had banned all cryptocurrency transactions and crypto-mining.
Denmark’s air force showed off its brand-new electric-powered planes on Thursday, saying its test flights have so far proven that the cheaper-to-run, more eco-friendly technology has potential.
It had obtained the two Velis Electro jets from Slovenian manufacturer Pipistrel, becoming the first military in the world to operate this type of hardware.
“The aircraft are 100% emission-free, very quiet, and otherwise cheap to operate,” Lieutenant Colonel Casper Børge Nielsen of the Defense Ministry’s material and procurement agency said. Initial tests indicate “there may be perspectives in using electric aircraft when the technology becomes mature,” he added.
Denmark has leased the planes for two years, rather than buying it, to avoid the “risk of ending up with equipment that we can’t really use,” Børge Nielsen said. During the lease period, the Danish Air Force hopes to gain an insight into the benefits and disadvantages of the jets’ technology to decide how it can be applied in the future.
The pilots described flying the one-man light electric planes, which are powered by two lithium batteries, as “exciting,” saying they were “built well and fly well.”
Last year, the United States military said it had been keeping an eye on the development of electric-powered planes, describing their ability to approach targets silently as “tremendous.” However, their battery capacity isn’t currently sufficient to meet the US Air Force’s needs.
Work on electric aircraft has been underway since the 1970s, but the battery issue has been a stumbling block in the way of wider adoption of the technology. Global military interest could change all that, stimulating research and investment.
The switch to electric power is likely to be a win-win across the board, as it will drastically reduce CO2 emissions and also make flying much cheaper for commercial carriers and their passengers.
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The Islamic State terrorist group is tearing a path across Afghanistan, establishing itself in “nearly all” of its provinces while increasing attacks more than five-fold in the past year, the UN’s envoy to the country has warned.
Addressing the UN Security Council on Wednesday, the body’s special representative for Afghanistan Deborah Lyons spoke of a major Islamic State (IS, formerly ISIS) surge through the war-torn country, claiming the jihadist group has now expanded nationwide.
“Once limited to a few provinces and the capital, ISKP now seems to be present in nearly all provinces, and increasingly active,” Lyons said, referring to the group’s Afghanistan-based ‘Khorasan’ faction. She added that so far in 2021, IS has carried out 334 attacks, up from just 60 last year.
The envoy’s comments came just hours after an Islamic State bombing erupted in a Shiite Muslim neighborhood of the Afghan capital, killing one and wounding six others, according to Reuters.
Since taking over as the government following a chaotic US withdrawal and the outright collapse of the American-backed administration in Kabul last summer, the Taliban has struggled to keep the terrorist group at bay, Lyons said. Though she noted that the Taliban insists it is “waging a concerted campaign” against IS and is making “genuine efforts to present itself as a government,” she said its response “appears to rely heavily on extrajudicial detentions and killings.”
Despite the rise in IS attacks in recent months, however, Lyons said the overall security situation in Afghanistan has improved since the end of the US war, which stretched on for two decades.
In addition to the terrorism issue, the UN representative also cited broader concerns for the country in the coming months, warning of a looming “humanitarian catastrophe” driven by a litany of causes, including foreign sanctions – which she said have “paralyzed” the local banking system – as well as growing levels of food shortages due to famine and a failing economy, among other factors.
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