PM Modi Calls for Framework for Responsible AI Governance, Global Crypto Currency Regulation Standards


Prime Minister Narendra Modi addressed the closing session of the G20 Summit on ‘One Future’ on Sunday, stressing the need for a framework to govern Artificial Intelligence (AI) in a responsible, human-centric way. India, he added, will offer its own suggestions in this regard, with the hope that the advantages of AI will be available to all nations in the areas of socio-economic development, global workforce, and research and development.

The G20 had adopted principles on AI in 2019, which now need to be taken further. At the same time, the PM also underlined the need for global collaboration to establish a cyber security framework, as new methods of terror funding via the cyber world must be prevented. He noted that the sentiment of ‘One Future’ will only be strengthened when safety is ensured for all nations.

He then touched on the issue of crypto currencies and their implications for social order, monetary and financial stability. To properly regulate crypto currencies, there needs to be global standards in place, and the model of Basel standards on banking regulations could be used in this regard.

Finally, Modi also called for the restructuring of the UN Security Council and an expansion of the mandate of multilateral development banks (MDBs). He argued that, in the fast-changing world, sustainability must be accompanied by stability, and urged everyone to honour their promises on the Green Development Pact, action plan on SDGs, high level principles on anti-corruption, and MDBs’ reforms, as well as digital public infrastructure.

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