By Michael Scott
In a recent disclosure, India’s prime minister welcomed the global regulation of AI and crypto. Narendra Modi’s pronouncement coincides with the country hosting and chairing this year’s G20 summit in New Delhi.
India’s Prime Minister, Narendra Modi, suggested an international structure regarding cryptocurrency, AI, and other upcoming technologies.
Race to Regulate AI and Digital Assets Ecosystem Sets Stage for 2023 G20 Summit
Days before the G20 summit planned to start on September 8 in New Delhi, Modi was asked in a recent interview with Business Today concerning a likely international structure to govern cryptocurrency regulation. He replied that crypto and upcoming technologies require an international structure and guidelines.
Upcoming technologies also draw under its umbrella artificial intelligence, particularly because authorities and experts across the globe continue decrying the likely dangers linked to it. Amid India’s presiding over this year’s G20 summit, Modi claimed they were taking significant leaps in digital public infrastructure (DPI) and artificial intelligence.
Regulate AI and Crypto Relative to Potential Macroeconomic Effects
Modi underscored the needs of the Global South, a phrase that defines upcoming economies, by emphasizing that the present cryptocurrency discussion has been in the group’s mind.
Modi stated that the nation’s G20 presidency resulted in the crypto talk going past financial stability to consider its wider macroeconomic effects, particularly for developing economies and upcoming markets.
Nineteen countries and the European Union (EU) form the Group of Twenty (G20). Its website represents nearly 85 percent of the international gross domestic product (GDP), more than 75 percent of the international financial system, and stiff tax obligations on crypto income.
Despite this, the country has not abandoned its intention to create its Central Bank Digital Currency (CBDC), also called the E-Rupee. Its trial program started in October last year, and more institutions have been invited to participate.
India is taking the bold move to demand the G20 Summit dictate the handling of AI and crypto amidst the increased concern over their potential to disrupt social order.