PM Modi Advocates Global Framework for Crypto Regulation and Ethical AI at B20 Summit

cryptonews.com:

Speaking at the B20 Summit India 2023, organized by CII, Prime Minister Narendra Modi emphasized the need for a worldwide framework for cryptocurrencies and the ethical implementation of artificial intelligence (AI).

Modi, addressing the summit, which took place from August 25–27 in New Delhi, highlighted India's efforts to establish a global Green Credit framework and urged industry leaders to adopt environmentally friendly practices in their businesses.

Discussing critical issues like climate change, the energy crisis, food supply imbalances, and water security, Modi stressed that these challenges significantly impact businesses and necessitate collaborative efforts to address them effectively.

He recognized the swift pace of technological progress and urged us to accept and synchronize these transformations rather than oppose them.

Modi noted the need for a comprehensive approach regarding cryptocurrencies, stating, "Now, there is a challenge related to cryptocurrencies. There is a need for a more and more integrated approach in this matter. I think a global framework should be created for this, in which all stakeholders are taken care of."

Modi pushed for a consolidated strategy for governing cryptocurrencies, proposing adopting a globally agreed-upon model instead of fragmented regulations by individual nations or groups.

He likened this approach to the universal rules governing the aviation industry, underscoring its benefits.

The Prime Minister underscored the significance of considering the concerns of the Global South and emerging economies while formulating crypto regulations. He proposed a more comprehensive perspective beyond just financial stability.

Under India's leadership within the G20, discussions about