PM Modi Calls For Global Framework On Crypto, Ethical AI Usage At B20 Summit

SUMMARY

PM Modi said there was a need to prepare a global framework that should take care of the interests of all stakeholders in crypto

Crypto was also discussed during a G20 meeting of Finance Ministers and Central Bank Governors, with India trying to reach a policy consensus

The Prime Minister’s comments on ethical AI usage follow after calls for the same have been made on multiple global forums regarding AI’s development

Addressing the B20 Summit India 2023, Prime Minister Narendra Modi called for a global framework on cryptocurrencies and the ethical usage of artificial intelligence (AI).

“There is a challenge associated with cryptocurrencies. In this matter, a maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of the interests of all stakeholders,” the Prime Minister said.

The Prime Minister’s remarks align with previous statements from the cabinet ministers and the sector regulator — Reserve Bank of India (RBI) on crypto. The latter has also been advocating for a complete ban on cryptocurrencies in India, though it has also launched the Central Bank Digital Currency (CBDC).

Further cryptocurrency legislation introduced by the Modi regime encompasses a tax deducted at source i.e. TDS on each crypto transaction valued at INR 10,000 or more as well as a 30% tax on gains earned on crypto assets.

Crypto was also a point of discussion during a meeting of Finance Ministers and Central Bank Governors of G20 nations. India is actively working toward achieving a policy consensus on crypto assets to help establish a global regulatory framework.

PM Modi further said a similar approach to policy is also needed for AI.

The Prime Minister’s comments at the B20 Summit come in the wake of similar calls made at multiple global forums regarding AI’s development. The urgency for ethical AI development and usage has intensified, particularly with the rapid emergence of generative AI models like ChatGPT.

Recently, Brad Smith, Microsoft vice-chair and president, also spoke about India’s role in the global AI landscape. In a foreword for a Microsoft report, Smith asserted that India is ‘well positioned to help advance a global discussion on AI issues’. He said that India will be a key player in shaping global discussions on AI topics.

A recent LinkedIn report indicates that India is witnessing rapid growth in the talent pool for AI technology, ranking as the world’s fourth fastest-growing AI talent hub. According to its latest data, the number of people in India who have added AI skills to their profiles has increased 14-fold since January 2016.

During the B20 Summit Sunday (August 27th), PM Modi stated that India has emerged as the leader in the digital revolution in the era of Industry 4.0 and holds an important role in building an efficient and trusted global supply chain.