After Global Crypto Regulation, G20's Focus Turns to AI

After crypto regulation, G20 will focus on AI

As India hands over the G20 presidency to Brazil, member countries have committed to using Artificial Intelligence (AI) technology in a responsible manner besides planning for a future involving crypto assets and Central Bank Digital Currency (CBDC). In their proclamation, the G20 leaders stressed the importance of technology in bridging the world's digital divide. In doing so it recognized the potential of CBDCs in cross-border payments, as well as the G20's interest in developing policies and regulations for cryptocurrencies.

The G20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, United States and European Union. All G20 countries see AI as a tool for prosperity and expansion of the global digital economy. However G20 member countries advised addressing current concerns about data protection, appropriate human oversight and ethics to ensure responsible use and development of AI. Additionally, members have reaffirmed their commitment to the Principles Draft drafted in 2019 that outlines international rules and cooperation to build trustworthy AI. The G20 also agreed to adopt a pro-innovation regulatory approach, which could potentially help realize the maximum benefits of AI while minimizing any associated risks. The campaign to build responsible AI will also aim to achieve the 17 Sustainable Development Goals (SDGs) set by the United Nations (UN) to advance peace and prosperity around the world. 

India is also worried about AI 

India's Finance Minister Nirmala Sitharaman has confirmed that G20 members are working towards establishing a global crypto framework. During the summit, Sitharaman highlighted the need for global cooperation to help regulate cryptocurrencies around the world. Apart from this, last month Prime Minister Narendra Modi had also talked about a global corporation to prepare rules on crypto during the G20 Summit. Also, PM Modi had expressed the same reaction on AI. He had said that today the whole world is showing enthusiasm about AI, AI is being used in every field. The rapid development of AI is becoming a matter of concern. PM Modi believes that like blockchain and cryptocurrency, there is a need to make the same rules and laws on AI.

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