Today, the G20 member nations announced their commitment to embrace responsible adoption of Artificial Intelligence (AI). In a document from its annual summit in New Delhi, the leaders pledged to establish a future involving crypto assets and Central Bank Digital Currencies (CBDC).
The G20 leaders also acknowledged the impact of emerging technologies in fostering digital exposure across the globe. They plan to create policies and regulations that would help mitigate the risks associated with cryptocurrencies. Likewise, they discussed the possibility of using CBDCs for cross-border payments.
Members of the G20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy and Japan. Others are the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, and the European Union. They view AI as a tool for expanding the digital economy of the global system.
The document also highlights G20’s plans to use AI to solve public challenges in a reliable and human-eccentric manner. More so, the leaders want to maintain standards and protect the people’s rights and safety while carrying out this initiative. They addressed issues relating to data protection, appropriate human oversight, and ethics. More so, they expressed readiness to cooperate to combat the risks of AI. They also pledged their commitment to the G20 AI Principles drafted in 2019 to maintain standards and protect the people’s rights and safety while carrying out this initiative.
How G20 were able to arrive at its conclusions
Meanwhile, some of the conclusions reached at the G20 summit were based on policy paper submitted by the IMF and FSB. Recall that the two agencies submitted the paper last week. Notably, the policy paper contained the means by which countries can minimize the risk associated with the crypto space. Similarly, the policy paper recommended methods that can be used to regulate Stablecoin and DeFi activities. It further encourages authorities at the G20 summit to channel their policies into addressing crypto risk in their countries.
In recent years, countries across the globe have shown great commitment to staying on top of emerging technological trends. Most of these technological innovations span across blockchain, crypto, AI, DeFi, Web3, and many more. While they acknowledge the benefits availed by these technologies, they are also wary of their risks.