The conclusion of the G20 Leaders Summit in New Delhi was marked by a resounding promise to address the issues raised by the rapidly advancing sectors of cryptocurrencies and artificial intelligence (AI). The member countries’ commitment to eliminating digital inequalities and promoting inclusive and sustainable development was expressed in the G20 Delhi Declaration, which was made public after the summit.
In the meeting, the G20 leaders reaffirmed their commitment to maximizing the benefits of digital technologies while ensuring that no one is left behind. The rapid development of blockchain and AI technology is one of the main issues covered in the G20 Delhi Declaration. The G20 group also talked about the benefits of new technologies and the dangers they entail.
Some points highlighted include monetary instability, cybersecurity concerns, and moral quandaries. This framework, when released, will tackle different dangers experienced by most Emerging Markets And Developing Economies (EMDEs). The G20 leaders also hinted at the importance of introducing what they termed a Financial Action Task Force (FATF) to combat fraud, money laundering, and allied crimes on an international scale.
PM Modi Insists on Balanced Approach, Hints On Cryptocurrency Education
The summit’s host, Indian Prime Minister Narendra Modi, stressed the importance of a balanced approach in his speech, saying, “Innovation is important, but we also need to protect our economy and societies from possible harm.” He also assured that “the FSB’s roadmap is a good starting point for finding that balance.”
To confront these digital issues, the G20 leaders also reaffirmed their commitment to international cooperation. Given the borderless nature of cryptocurrencies and the global ramifications of AI developments, the group considers this cooperative approach necessary.
The G20 Delhi Declaration also emphasizes encouraging digital literacy and education to give people and communities the tools they need to navigate the digital environment successfully. The group urges member countries to fund educational programs that advance digital literacy and skills, ensuring that people can take advantage of technology’s advantages while being aware of its potential drawbacks.
FSB’s Vision Demands International Collaboration, Introduces A Working Framework
The declaration also discusses the ethical implications of AI, highlighting the significance of responsible AI creation and application. PM Mudi also admonished leaders dedicated to protecting moral principles and supporting human rights when implementing AI technologies. Future AI developments and applications are anticipated to be guided by this ethical paradigm.
The G20 Delhi Declaration addressed several other urgent global challenges besides cryptocurrencies and AI, such as climate change, economic recovery, and healthcare. The leaders promised to increase their efforts to address climate change and reaffirmed their commitment to the Paris Agreement.
The G20 attendees also discussed their roadmap to a working cryptocurrency and AI environment. They disclosed that the guidelines, coupled with a regulatory framework and comprehensive cryptocurrency policy, were designed by the FSB in conjunction with prominent persons and supervisory bodies (which weren’t disclosed at this time).
Recall that in October 2023, the G20 leaders disclosed that the Central Bank Governors and Ministers of Finance of member countries will have to work together to develop independent guidelines to fast-track the roadmap.
The G20 leaders also warned about the prospective macro-financial outcomes of introducing the Central Bank Digital Currencies (CBDCs) as a cross-border payment system and its impact on the traditional international monetary system.
