Addressing the 2023 B20 Summit held in New Delhi and organized by CII, Prime Minister Narendra Modi put forth the crucial need for a global framework governing cryptocurrencies and the ethical deployment of artificial intelligence (AI).
During his speech at the summit, which spanned from August 25 to 27, Modi highlighted India’s proactive endeavors in establishing a worldwide Green Credit framework. He urged industry leaders to adopt ecologically sustainable practices within their operations.
Engaging with pressing matters like climate change, energy shortages, food supply disparities, and water security, Modi emphasized the pronounced impact of these challenges on businesses. He stressed the necessity of collaborative endeavors to effectively tackle these issues.
Modi acknowledged the rapid pace of technological advancements and advocated for an acceptance and synchronization of these transformations, rather than their resistance.
Elaborating on the cryptocurrency landscape, Modi recognized the existing challenges and emphasized the requirement for a cohesive approach. He stated, “Now, there is a challenge related to cryptocurrencies. There is a need for a more and more integrated approach in this matter. I think a global framework should be created for this, in which all stakeholders are taken care of.”
Modi called for a consolidated strategy to regulate cryptocurrencies, advocating for the adoption of a universally agreed-upon model instead of a fragmented regulatory landscape established by individual countries or groups. He likened this approach to the universally accepted regulations governing the aviation industry.
The Prime Minister accentuated the importance of considering the perspectives of the Global South and emerging economies while devising cryptocurrency regulations. He urged for a comprehensive view that goes beyond mere financial stability.
India’s Stewardship in the G20: Advancing Discussions on Cryptocurrencies and Ethical AI
During India’s leadership within the G20, discussions on cryptocurrencies extended to encompass their impact on emerging markets and economies. The G20 achieved consensus on the regulation of cryptocurrencies and provided guidance for standard-setting bodies.
Throughout its G20 presidency, India organized several seminars and dialogues on cryptocurrencies, fostering a deeper understanding of this evolving asset class. Modi acknowledged the inevitability of rapid technological progress, including in the realm of cryptocurrencies, and championed a cooperative, global regulatory approach rather than one of resistance or dismissal.
Likewise, he championed an all-encompassing approach to the ethical utilization of AI, recognizing both the promise of AI and the ethical quandaries it poses. He expressed concerns about algorithmic bias and its societal implications, stressing the significance of collectively resolving such challenges.
Modi called for cooperation between business communities and governments to ensure the ethical application of AI, underscoring the importance of anticipating potential disruptions across various sectors. He emphasized the need to address these challenges within a comprehensive global framework.