Global Framework on Crypto and Ethical AI Usage Highlighted by PM Modi at B20 Summit

Crypto and AI stands important for India, says Narendra Modi.

28 Aug 2023 | 2 min read

Table of Contents

Introduction

In his address at the B20 Summit India 2023, Prime Minister Narendra Modi emphasized the importance of establishing a worldwide framework for crypto assets and the ethical utilization of artificial intelligence (AI). During his speech, PM Modi also acknowledged the challenges associated with crypto assets and stressed on the need for an all-encompassing approach to address the interests of diverse stakeholders.

Further crypto legislation that has been introduced by the Modi regime consists of two other points to be mentioned,

TDS (tax deducted at source) on each crypto transaction that is valued at INR 10,000 or more,
Along with a 30% tax on the gains earned on crypto assets.

This aligns with the Reserve Bank of India’s stance on crypto regulation and the introduction of a Central Bank Digital Currency (CBDC).

Crypto Discussions at G20 Meeting

Crypto matters were a focal point during a G20 meeting of Finance Ministers and Central Bank Governors. India is actively engaged in developing a policy consensus on crypto assets to facilitate the establishment of a harmonized global regulatory framework.

Ethical AI Usage

Prime Minister Modi’s remarks extended to the ethical application of artificial intelligence. The call for responsible AI usage follows global discussions on AI’s development and aligns with the urgency for ethical AI practices in light of emerging technologies like generative AI models.

India’s Leading Role

India’s prominence in the digital revolution and Industry 4.0 positions the nation as a leader in shaping a reliable global supply chain. The country’s growing AI talent pool ranked as the fourth fastest-growing AI hub globally, contributes to the ongoing discourse on AI-related issues.

Conclusion

Prime Minister Narendra Modi’s address at the B20 Summit India 2023 underlines the importance of a comprehensive global framework to address the challenges posed by crypto and ensure ethical AI usage. With the rate the evolution of the crypto space has been going on, these remarks from him resonate with the ongoing discussions regarding the regulation of crypto assets at both national and international levels.

Source: Inc42

FAQs

What was the focus of PM Modi's speech at the B20 Summit?

PM Modi highlighted the need for a global framework for crypto and ethical AI usage during his address at the B20 Summit India 2023.

How is India approaching crypto regulation?

India is actively working to achieve a policy consensus on crypto assets to establish a global regulatory framework. The Reserve Bank of India also introduced a Central Bank Digital Currency (CBDC).

Why is ethical AI usage important?

Ethical AI usage is crucial to ensure responsible and accountable deployment of artificial intelligence technologies, especially in the context of emerging technologies like generative AI models.