In addition to planning for a future involving crypto assets and central bank digital currencies (CBDC), the G20 member nations have committed to responsibly utilizing artificial intelligence (AI) technology.
The G20 leaders’ declaration highlighted the role of technology in bridging digital divides worldwide. In doing so, it acknowledged the G20’s interest in developing policies and regulations for cryptocurrencies and the potential of CBDCs for international payments.
The G20 members — 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 — view AI as a tool for economic growth and expansion of the digital economy worldwide.
“It is our endeavor to leverage AI for the public good by solving challenges in a responsible, inclusive and human-centric manner, while protecting people’s rights and safety.”
To ensure the responsible use and development of AI, the G20 member nations suggested addressing concerns regarding data protection, biases, human oversight, and ethics, among others. The G20 nations’ commitment to AI “for good and for all” reads:
“To unlock the full potential of AI, equitably share its benefits and mitigate risks, we will work together to promote international cooperation and further discussions on international governance for AI.”
In addition, the members reaffirmed their commitment to the 2019-drafted G20 AI Principles, which outline global policies and cooperation regarding the development of “trustworthy AI.” In addition, the G20 agreed to adopt a “pro-innovation regulatory/governance approach” that can help maximize the benefits of AI while mitigating potential risks.
In addition to achieving the 17 Sustainable Development Goals (SDGs) established by the United Nations (UN) to promote global peace and prosperity, the effort to develop responsible AI will also seek to achieve them.
Nirmala Sitharaman, India’s Minister of Finance, verified that G20 members are working to establish a global crypto framework.
During the summit, Sitharaman emphasized the importance of international cooperation in regulating cryptocurrencies worldwide.
“In an interconnected world, financial technology transcends borders, making international partnerships necessary,” she concluded.
