B20 Summit 2023: PM Modi’s Big Push for Worldwide Rules on Cryptos and Ethical AI

New Delhi, August 28, 2023 – Prime Minister Narendra Modi, while addressing the B20 Summit India 2023 on Sunday (August 27th), emphasized the necessity of establishing a comprehensive worldwide framework to address the challenges posed by cryptocurrencies. He emphasized the importance of an integrated approach that takes into account the interests of all stakeholders involved in the crypto sphere. PM Modi also highlighted India’s prominent role in the digital revolution of Industry 4.0 and its contribution to building a reliable and efficient global supply chain.

The topic of cryptocurrencies garnered attention at the G20 meeting of Finance Ministers and Central Bank Governors, where India is actively working to foster a policy consensus regarding the regulation of crypto assets.

Regarding the ethical utilization of artificial intelligence (AI), the Prime Minister’s remarks echo the growing global demand for responsible AI development and deployment. He noted that a similar policy approach, akin to that needed for cryptocurrencies, is imperative for the ethical use of AI technologies.

In his address at the B20 Summit, PM Modi stated, “A challenge is posed by cryptocurrencies, and to address this challenge, a holistic and collaborative approach is essential. We must work towards crafting a global framework that upholds the interests of all stakeholders involved.”

These sentiments expressed by PM Modi resonate with prior statements from Indian cabinet ministers and the Reserve Bank of India (RBI). While the RBI has advocated for a complete ban on cryptocurrencies in the country, it has concurrently introduced its own Central Bank Digital Currency (CBDC) initiative.

B20 Summit 2023: PM Modi’s call for a unified approach to policy-making

The Indian government, led by the Modi administration, has taken steps to regulate the crypto sector, including the introduction of a tax deducted at source (TDS) on transactions exceeding INR 10,000 and a 30% tax on gains derived from crypto assets.

The evolving landscape of cryptocurrencies also drew attention during the meeting of Finance Ministers and Central Bank Governors from G20 nations. India is actively engaged in discussions to establish a global regulatory framework for crypto assets.

PM Modi’s call for a unified approach to policy-making extends to the domain of artificial intelligence as well. The urgency for ethical AI development and usage has gained momentum on the global stage, especially with the rapid advancement of generative AI models such as ChatGPT.

The Prime Minister’s remarks at the B20 Summit reinforce the need for collaborative efforts on both cryptocurrency regulation and ethical AI practices, reflecting India’s commitment to shaping responsible technological advancements on the global front.

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