At the recent B20 summit, Indian Prime Minister Narendra Modi called for the establishment of a comprehensive global framework to regulate cryptocurrency and artificial intelligence(AI).
“The rapid pace of change of technology is a reality- there is no point in ignoring it or wishing it away”, Modi declared. “Instead, the focus should be on adoption, democratisation, and a unified approach.”
Modi stressed the need for “a global consensus-based model” that takes into account the concerns and needs of the Global South.
On the topic of AI, Modi suggested that “there is a need to focus on ethical AI”, and called for the global business communities and governments to work together to “ensure that ethical AI expands in different sectors”.
With regards to cryptocurrencies, Modi emphasised that “there is a challenge associated with cryptocurrencies. In this matter maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of the interests of all stakeholders.”
While India has yet to come up with a comprehensive policy on cryptocurrency, it has taken some steps to curb its misuse. It has also imposed taxes on cryptocurrency income, as well as a 1 per cent tax deducted at source on all transactions.
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