Title: PM Modi Urges Responsible AI Governance and Global Crypto Regulation at G20 Summit
Prime Minister Narendra Modi has emphasized the need for a responsible human-centric Artificial Intelligence (AI) governance framework and global standards for regulating cryptocurrencies during his address at the G20 Summit on ‘One Future’. India is determined to contribute to the creation of these frameworks, ensuring that the benefits of AI are accessible to all nations and promoting socio-economic development, global workforce initiatives, and research and development.
PM Modi stressed the importance of building upon the principles on AI adopted by the G20 in 2019, advocating for enhanced global cooperation in the realms of cybersecurity. He highlighted the emerging threat of cyber-based terror funding and the necessity to prevent such activities to safeguard the interests of all nations.
Speaking on the subject of cryptocurrency, PM Modi stated that it has become a crucial aspect of social order, monetary stability, and financial systems. He called for the development of global standards to regulate cryptocurrencies, drawing inspiration from the Basel framework for banking regulation. Such standards would help promote stability and accountability within the cryptocurrency market.
Moreover, PM Modi reiterated the demand for restructuring the United Nations Security Council (UNSC). Despite the inclusion of 200 nations in the UN, the permanent members of the UNSC have remained unchanged for almost 80 years. PM Modi emphasized that organizations must adapt to the changing times to maintain their relevance. He encouraged a broader perspective on the emergence and success of new global platforms.
Additionally, PM Modi called for the expansion of the mandates of multilateral development banks (MDBs), stressing the need for prompt and effective decision-making. In a rapidly evolving world, he emphasized the importance of both sustainability and stability. PM Modi urged the fulfillment of commitments related to the Green Development Pact, action plans on Sustainable Development Goals (SDGs), high-level principles against corruption, MDB reforms, and digital public infrastructure.
The prime minister’s remarks at the G20 Summit reflect the need for responsible AI governance and the establishment of global standards for cryptocurrency regulation. His focus on cybersecurity, the restructuring of the UNSC, and the expansion of MDB mandates emphasizes India’s commitment to addressing pressing global issues. As nations strive to adapt and progress in an ever-changing world, PM Modi’s call for a holistic and value-driven approach sets the stage for productive discussions and collaborations.
