PM Modi Advocates Global Framework for Crypto Regulation and Ethical AI at B20 Summit

Speaking at the B20 Summit India 2023, organized by CII, Prime Minister Narendra Modi emphasized the need for a worldwide framework for cryptocurrencies and the ethical implementation of artificial intelligence (AI).

Modi, addressing the summit, which took place from August 25–27 in New Delhi, highlighted India’s efforts to establish a global Green Credit framework and urged industry leaders to adopt environmentally friendly practices in their businesses.

Discussing critical issues like climate change, the energy crisis, food supply imbalances, and water security, Modi stressed that these challenges significantly impact businesses and necessitate collaborative efforts to address them effectively.

He recognized the swift pace of technological progress and urged us to accept and synchronize these transformations rather than oppose them.

Modi noted the need for a comprehensive approach regarding cryptocurrencies, stating, “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 pushed for a consolidated strategy for governing cryptocurrencies, proposing adopting a globally agreed-upon model instead of fragmented regulations by individual nations or groups.

He likened this approach to the universal rules governing the aviation industry, underscoring its benefits.

The Prime Minister underscored the significance of considering the concerns of the Global South and emerging economies while formulating crypto regulations. He proposed a more comprehensive perspective beyond just financial stability.

India’s G20 Stewardship: Advancing Cryptocurrency and Ethical AI Discussions

Under India’s leadership within the G20, discussions about cryptocurrencies expanded to evaluate their impact on emerging markets and economies.

The G20 achieved consensus on how to regulate cryptocurrencies and provided directives for standard-setting bodies.

Throughout its G20 presidency, India hosted numerous cryptocurrency seminars and conversations, contributing to a deeper understanding of this asset class.

Modi recognized the inevitability of swift technological advancement, including in cryptocurrencies, and advocated for a cooperative, global regulatory approach rather than resistance or dismissal.

Similarly, he advocated for an integrated approach to ethical AI usage, recognizing both the excitement surrounding AI and the ethical concerns it raises.

He expressed concerns about algorithm bias and its societal impact, emphasizing the importance of resolving such issues collectively.

“Today, the world is showing a lot of excitement regarding AI. But amidst the excitement there are also some ethical considerations. Regarding skilling and re-skilling, concern is being raised about algorithm bias and its impact on the society. Such issues also have to be resolved together,” he added.

Modi called business communities and governments to work together to ensure usage of ethical AI as “we have to sense the potential disruptions in different sectors. This problem has to be solved under the global framework.” 

Modi called for collaboration between business communities and governments to ensure the ethical application of AI. He stressed the significance of anticipating potential disruptions across various sectors and emphasized solving these challenges within a global framework.