On August 27, Prime Minister Narendra Modi called for a global framework for cryptocurrency and the ethical use of Artificial Intelligence while raising issues with modern technologies and their effects on society.
In a speech at a B20 Summit, PM Modi warned corporations and businesses that if supply chains were not made more robust and sustainable, a new form of colonialism would emerge, while arguing for developing an integrated approach to deal with cryptocurrency-related issues.
Global and domestic business leaders attended the gathering, where Modi said, “There is a challenge related to cryptocurrencies. There is a need for more and more integrated approach in this matter. I think, a global framework should be created for this, in which all stakeholders are taken care of.”
Modi said that the same approach was needed concerning artificial intelligence as well. He added, “Today, the world is showing a lot of excitement regarding AI. But amidst the excitement there are also some ethical considerations. Regarding skilling and re-skilling, concern is being raised about algorithm bias and its impact on the society. Such issues also have to be resolved together.”
“India is preparing a framework of green credit for businesses, which emphasizes planet-positive actions,” said the PM. In order to ensure the usage of ethical AI, Modi suggested business communities and governments work together, as “we have to sense the potential disruptions in different sectors. This problem has to be solved under the global framework.”
Requesting a rethink of the traditional approach to business, PM Modi stated that it should go beyond brand and sale. He said, “As a business, we also have to focus on creating an ecosystem that will benefit us in the long term.”
Also Read: G20 Countries Working Collectively to Form Regulation for Crypto: Indian Finance Minister
