During his speech at the B20 Summit India 2023, organized by CII, Prime Minister Narendra Modi emphasized the necessity of establishing a global framework for cryptocurrencies and ethical implementation of artificial intelligence (AI). Speaking at the summit held from August 25 to 27 in New Delhi, Modi highlighted India’s initiatives to create a global Green Credit framework and urged industry leaders to adopt environmentally friendly practices.
Addressing critical issues like climate change, energy shortages, food imbalances, and water security, Modi stressed their substantial impact on businesses and called for collaborative approaches to address them effectively. He acknowledged the rapid pace of technological advancement and urged acceptance and synchronization of these changes rather than resistance.
Modi advocated for a comprehensive approach to cryptocurrencies, suggesting the creation of a global framework involving all stakeholders to address the challenges. He proposed adopting a universally agreed model for governing cryptocurrencies, likening it to the standardized regulations in the aviation industry.
He emphasized the importance of considering the concerns of the Global South and emerging economies while crafting crypto regulations, urging a broader perspective beyond financial stability.
Under India’s leadership within the G20, discussions on cryptocurrencies expanded to assess their influence on emerging markets. The G20 achieved consensus on regulating cryptocurrencies and provided guidance for standard-setting bodies. Throughout its G20 presidency, India organized various cryptocurrency discussions to deepen understanding.
Modi acknowledged the inevitability of rapid technological progress, including in cryptocurrencies, and advocated for a cooperative, global regulatory approach. He similarly supported an integrated strategy for ethical AI usage, addressing both its potential and ethical concerns. He raised alarms about algorithmic bias and its societal repercussions, emphasizing collective resolution.
Modi urged business communities and governments to collaborate in ensuring the ethical application of AI and addressing potential disruptions across sectors within a global framework.
By FCCT Editorial Team
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