Modi Calls For Global Framework To Ensure Safe, Ethical Use Of Crypto, AI
Prime Minister Narendra Modi, addressing the B20 Summit recently, has called for the establishment of a comprehensive global framework for both cryptocurrencies and the ethical utilisation of artificial intelligence (AI). He emphasised the need for an integrated approach in addressing the challenges associated with cryptocurrencies, advocating for a global framework that balances the interests of all stakeholders.
This stance aligns with previous statements from Indian cabinet ministers and the Reserve Bank of India (RBI), which has advocated for a potential ban on cryptocurrencies within the country while also introducing the concept of a Central Bank Digital Currency (CBDC). The Indian government has also introduced cryptocurrency- legislation, including provisions for Tax Deducted at Source (TDS) on transactions exceeding INR 10,000 and a 30% tax on crypto asset gains.
PM Modi”s call for a global framework for cryptocurrencies was also echoed during a G20 meeting involving Finance Ministers and Central Bank Governors, illustrating India”s efforts to reach a consensus on cryptocurrency policies on an international scale.
The Prime Minister”s appeal for a similar approach to policy-making is extended to the field of artificial intelligence. This comes as global forums emphasise the importance of ethical AI development and deployment, particularly with the rapid advancement of generative AI models like ChatGPT.
Microsoft”s Brad Smith highlighted India”s significant role in the global AI landscape, noting that the country is well-positioned to contribute to international discussions on AI- matters. India has witnessed remarkable growth in its AI talent pool, ranking as the fourth fastest-growing AI talent hub in the world. The report indicates a 14-fold increase in individuals adding AI skills to their profiles in India since January 2016.
During the B20 Summit, PM Modi asserted that India has emerged as a digital revolution leader in the era of Industry 4.0. He emphasised India”s role in constructing a reliable and efficient global supply chain while underscoring the nation”s commitment to both digital transformation and ethical considerations in technology development.
