• Prime Minister Narendra Modi spoke at the B20 Summit India 2023, advocating for a global framework for cryptocurrency regulation and ethical AI implementation.
• Modi highlighted the need to address climate change, energy crisis, food supply imbalances and water security through collaborative efforts.
• He proposed a comprehensive approach regarding cryptocurrencies in which all stakeholders are taken care of, noting that the G20 had achieved consensus on regulating them.
Prime Minister’s Address at B20 Summit
Prime Minister Narendra Modi addressed the B20 Summit India 2023 , organized by CII, on August 25-27 in New Delhi. He discussed critical issues such as climate change, energy crisis, food supply imbalances and water security and urged industry leaders to adopt environmentally friendly practices in their businesses. In addition to this he also discussed the importance of a global framework for cryptocurrency regulation and ethical Artificial Intelligence (AI).
Modi spoke about the need for a worldwide framework for cryptocurrencies. He suggested adopting a globally agreed-upon model instead of fragmented regulations by individual nations or groups similar to how universal rules govern the aviation industry. He proposed that this approach should take into account concerns from emerging markets and economies other than just financial stability. During India’s G20 presidency discussions about cryptocurrencies expanded to evaluate their impact on emerging markets and economies which led to consensus on how to regulate them among standard-setting bodies.
Accepting Technological Progress
The Prime Minister emphasized accepting technological progress rather than opposing it and noted its inevitability in fields like cryptocurrencies. He recognized that these transformations require synchronization with existing systems instead of resistance or dismissal as certain aspects are beyond human control now. Thus he encouraged collaboration instead of opposition when it comes to technological advancements.
Advancing Ethical AI
The Prime Minister also advocated for ethical implementation of Artificial Intelligence (AI). For successful integration of AI into society there needs to be consideration given towards social values such as privacy, safety etc while developing these technologies so that they can be used beneficially without compromising any values or resources within society.
India’s Commitment Towards Global Stewardship
India has been active in taking up global leadership roles regarding economic policies including topics like cryptocurrency regulations as well as ethical AI implementations during its G20 Presidency . This commitment towards creating an international environment conducive towards innovation is likely to shape future conversations related