During the G20 Summit, Prime Minister Narendra Modi emphasized the need for regulation in the cryptocurrency space, as it is a relatively new subject affecting social order and monetary and financial stability. He called for the establishment of global standards to govern cryptocurrencies.

The G20 leaders agreed to implement a reporting framework for crypto assets swiftly, with a focus on exchanging information about these non-financial assets by 2027. The goal of the Crypto Asset Reporting Framework (CARF) is to prevent tax evasion and the hiding of unaccounted wealth through cryptocurrency transactions.

In his address, Modi also highlighted the importance of cybersecurity and its impact on the world's present and future. He noted that cyberspace has become a funding source for terrorism, emphasizing the necessity of global cooperation and frameworks to ensure its security.

Modi suggested the creation of a framework for "responsible human-centric AI governance," recognizing the rapid advancement of technologies like Artificial Intelligence. He stressed the need for G20 countries to move beyond the AI principles established in 2019 and work toward AI governance that prioritizes human interests. India intends to contribute suggestions to this framework, to make AI accessible for socioeconomic development, global workforce enhancement, and research and development in all countries.

Modi also reiterated his vision for a human-centric approach to development rather than a solely GDP-centric one. He mentioned India's willingness to share its lunar mission data for the benefit of humanity as an example of this approach.

Lastly, Modi called for a shift from the concept of a "global village" to that of a "global family," where not only the interests but also the hearts of countries are aligned. This highlights the importance of global cooperation and unity in addressing the challenges of the modern world.

Overall, the G20 Summit discussions encompassed cryptocurrency regulation, cybersecurity, and the responsible governance of Artificial Intelligence, with a focus on human-centric development and global cooperation.

Source >> economictimes