As India passed the G20 Presidency to Brazil, member nations reaffirmed their commitment to the responsible utilization and advancement of AI technology while also contemplating the future involving crypto assets and central bank digital currencies (CBDCs).
The declaration document by G20 leaders underscored the significant role of technology in bridging global digital divides. It acknowledged the G20’s interest in shaping policies and regulations for cryptocurrencies and exploring the potential of CBDCs in facilitating cross-border payments.
The G20 comprises 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. These member nations view AI as a tool for fostering prosperity and expanding the global digital economy. Indian Finance Minister Nirmala Sitharaman confirmed that G20 members are actively collaborating to establish a comprehensive global framework for cryptocurrencies.
Sitharaman emphasized the intention to leverage AI for the common good, resolving challenges in a responsible, inclusive, and human-centric manner while safeguarding people’s rights and safety. However, to ensure the responsible use and development of AI, G20 nations recommended addressing prevailing concerns related to data protection, biases, appropriate human oversight, and ethical considerations, among others. Their commitment to AI “for good and for all” reflects the aspiration to unlock AI’s full potential, equitably distribute its benefits, and mitigate associated risks through international cooperation and discussions on global AI governance.
Additionally, member nations reaffirmed their dedication to the G20 AI Principles, originally drafted in 2019, which outline global policies and collaboration for building trustworthy AI. The G20 also reached a consensus on adopting a “pro-innovation regulatory/governance approach” aimed at maximizing AI’s benefits while mitigating potential risks.
The pursuit of responsible AI aligns with the United Nations’ 17 Sustainable Development Goals, intended to promote peace and prosperity worldwide. Sitharaman stressed the imperative need for global cooperation to regulate cryptocurrencies on a global scale, recognizing the cross-border nature of financial technology and the importance of international partnerships in this context.
