G20 Commits to Responsible AI Use and Crypto Regulation, India Emphasizes Global Cooperation
Summary:
G20 member nations, as India hands over the presidency to Brazil, commit to responsibly utilizing artificial intelligence (AI) technology and explore the potential of crypto assets and central bank digital currencies (CBDCs). They emphasize the importance of bridging digital divides and regulating cryptocurrencies, while promoting international cooperation and discussions on AI governance. India's Finance Minister highlights the need for global cooperation in regulating cryptocurrencies.
India has passed on the G20 Presidency to Brazil, and the member nations have committed to responsibly harnessing artificial intelligence (AI) technology. They are also planning for a future that incorporates crypto assets and central bank digital currencies (CBDC). The G20 leaders' declaration document emphasizes the role of technology in bridging global digital divides and acknowledges the interest in developing policies and regulations for cryptocurrencies and CBDCs in cross-border payments. The G20 member nations, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union, view AI as a tool for promoting prosperity and advancing the global digital economy. However, they recognize the importance of addressing concerns related to data protection, biases, human oversight, and ethics to ensure responsible use and development of AI. The G20 nations have committed to promoting international cooperation and discussions on international governance for AI to unlock its full potential, share its benefits equitably, and mitigate risks. They have also reaffirmed their commitment to the G20 AI Principles and proposed a pro-innovation regulatory/governance approach to maximize the benefits of AI while reducing risks. The focus on responsible AI aligns with the United Nations' 17 Sustainable Development Goals (SDGs) for global peace and prosperity. Furthermore, India's Minister of Finance, Nirmala Sitharaman, has confirmed that G20 members are working towards establishing a global framework for regulating cryptocurrencies. Sitharaman stressed the importance of cross-border partnerships and global cooperation in this regard.
Published At
9/11/2023 7:58:18 AM
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