G20 Summit 2023: PM Modi's vision for a secure cyberspace, crypto regulation & human-centric AI
The consensus among G20 members was clear: cybersecurity is a global challenge requiring joint efforts and skills development in digital technology.
Highlights
- PM Modi urges for the regulation of cryptocurrencies at the G20 Summit 2023
- He further highlighted the growing role of cyberspace in funding terrorism and emphasised the need for security frameworks
- PM Modi called for the establishment of a ‘responsible human-centric AI governance’ framework
At the recent G20 Summit 2023, spanning from 8 to 10 September 2023, Indian Prime Minister,Narendra Modi, unveiled a series of groundbreaking initiatives that promise to chart a new course for India's technological future.
Among these game-changing proposals, Prime Minister Modi strongly argued for the creation of international norms to govern the growing cryptocurrency sector. He emphasised the importance of global cooperation in navigating the significant consequences of Bitcoin on social institutions, monetary systems, and financial stability.
Implementing the CARF
In response, the G20 leaders reached a consensus to swiftly implement the Crypto Asset Reporting Framework (CARF), designed to prevent tax evasion and the concealment of unaccounted wealth through cryptocurrencies. The leaders stressed the importance of information exchange on non-financial assets and set a target for relevant member nations to commence exchanges by 2027. This move aims to ensure the responsible use of cryptocurrencies and enhance transparency.
Addressing cybersecurity concerns
Prime Minister Modi also expressed concerns about cybersecurity during the G20 Summit. He highlighted the emergence of cyberspace as a source of funding for terrorism and underscored the necessity of global cooperation and frameworks to secure it. The leaders acknowledged the critical role of cybersecurity in every nation's security and prosperity. They recognised the need for international collaboration to combat cyber threats effectively.
Addressing the issue of digital public infrastructure (DPI) cybersecurity, Union Minister Ashwini Vaishnaw emphasised the importance of building trust and respect among economies. The consensus among G20 members was clear: cybersecurity is a global challenge requiring joint efforts and skill development in digital technology.
Responsible AI governance for the future
In the rapidly evolving landscape of new-generation technology, PM Modi proposed expanding the scope of AI governance beyond the principles adopted by the G20 in 2019. He called for the establishment of a ‘responsible human-centric AI governance’ framework, emphasising India's willingness to contribute suggestions.
He further added that the goal is to ensure that all countries can harness the benefits of AI in areas such as socio-economic development, global workforce enhancement, and research and development.
In summary, the G20 Summit addressed critical global issues by focusing on cryptocurrency regulation, cybersecurity, and responsible AI governance. The leaders recognised the importance of international cooperation in tackling these challenges and emphasised the need for swift action to ensure global stability, security, and prosperity.
