G20 Summit: PM Modi calls for global framework on AI regulation & cryptos ahead of the main event
Prime Minister Modi's call for a global framework on ethical AI and cryptocurrencies signifies India's ambition to shape the international discourse on these transformative technologies.
Highlights
- PM Modi has urged for ethical AI use and framework on cryptos
- India is planning to enact legislation under the Digital India Bill, which aims to address the various challenges posed by AI in the digital landscape
In anticipation of the upcoming G20 Summit in New Delhi, Prime Minister Narendra Modi has made a significant call for the establishment of a global framework governing the expansion of "ethical" artificial intelligence (AI) tools and the regulation of cryptocurrencies. Modi's statement reflects India's evolving stance on AI and cryptocurrency regulation, marking a departure from its previous position of non-intervention to actively formulating regulations with a "risk-based, user-harm" approach.
The Prime Minister's push for a unified stance on cryptocurrencies is a forward-looking step. A global comprehensive framework for cryptocurrencies can highlight both the technology's increasing potential and challenges. Balancing the interests of diverse stakeholders is crucial to harnessing the benefits of cryptocurrencies while mitigating risks effectively. As we approach the G20 Summit under India's presidency, it is to be seen how the member nations will collaborate to shape the future of this dynamic landscape.
India's shifting regulatory landscape & the role of international collaboration
This shift in India's approach was recently mirrored in a consultation paper released by the Telecom Regulatory Authority of India (TRAI) in July, advocating for the creation of a domestic statutory authority to regulate AI within a risk-based framework. Furthermore, the TRAI proposed collaborations with international agencies and foreign governments to establish a global agency for ensuring the "responsible use" of AI. This global agency could be a central component of India's official submission at the G20 Summit, focusing on the regulation of "responsible" and "ethical" AI applications.
Digital India Bill & Microsoft's blueprint for AI governance
India is also planning to enact legislation under the Digital India Bill, which is likely to replace the Information Technology Act, 2000 and aims to differentiate between various online intermediaries, including AI-based platforms, and introduce specific regulations for each category. This legislative move underscores India's commitment to addressing the unique challenges posed by AI in the digital landscape.
In a related development, tech giant Microsoft, which has a stake in OpenAI, released a blueprint titled "Governing AI: A Blueprint for India." This proposal suggests regulations for safety, security, deployment, and post-deployment monitoring of AI applications in licensed data centers. Microsoft has expressed its willingness to share its specialised knowledge to assist the government in defining regulatory standards, emphasising India's potential for technological growth and innovation.
Prime Minister Modi's call for a global framework on ethical AI and cryptocurrencies signifies India's ambition to shape the international discourse on these transformative technologies. With the G20 Summit on the horizon, India appears poised to take a leadership role in addressing the ethical considerations and regulatory challenges associated with AI and cryptocurrencies on a global scale.
