March 27, 2024
G20 Prioritizes Responsible AI
AI

Global Commitment: G20 Prioritizes Responsible AI and Cryptocurrency Planning

As India passed the G20 Presidency to Brazil, member nations have committed to the responsible utilization of artificial intelligence (AI) technology while also planning for a future involving cryptocurrency assets and central bank digital currencies (CBDCs).

The G20 leader’s declaration emphasized the role of technology in bridging global digital divides, acknowledging the G20’s interest in crafting policies and regulations for cryptocurrencies and exploring the potential of CBDCs in cross-border payments.

Member nations of the G20, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union, view AI as a tool for prosperity and the expansion of the global digital economy. They expressed their commitment to utilizing AI for the public good while addressing challenges responsibly, inclusively, and with a human-centric approach, all while safeguarding people’s rights and safety.

However, to ensure the responsible use and development of AI, G20 member nations recommended tackling existing concerns related to data protection, biases, the need for appropriate human oversight, and ethical considerations, among others. The G20 nations’ commitment to AI for good and for all aims to unlock AI’s full potential, equitably share its benefits, and mitigate associated risks through international cooperation and discussions on AI governance.

Furthermore, the members reaffirmed their dedication to the G20 AI Principles, established in 2019, which outline global policies and cooperation for building trustworthy AI. The G20 also agreed on adopting a pro-innovation governance approach to maximize the advantages of AI while potentially mitigating associated risks. The pursuit of responsible AI development aligns with the 17 Sustainable Development Goals established by the United Nations to promote peace and prosperity worldwide.

Indian Minister of Finance Nirmala Sitharaman confirmed that G20 members are actively working towards establishing a global regulatory framework for cryptocurrencies. During the summit, Sitharaman emphasized the importance of international collaboration in regulating cryptocurrencies due to the interconnected nature of financial technology that transcends borders, underscoring the necessity of cross-border partnerships.

Image by freepik

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