Global Regulatory Frameworks Urged by Indian Prime Minister for Crypto and AI Industries
India’s Prime Minister, Narendra Modi, has emphasized the need for a worldwide regulatory framework encompassing cryptocurrency, artificial intelligence (AI), and emerging technologies.
With the G20 summit on the horizon, Modi expressed his stance on a global approach to regulating not just crypto but also other transformative technologies. He underscored that such regulations should not be confined to any single country or group. As the host of the 2023 G20 summit. India’s advancements in AI and digital public infrastructure were noted. The prime minister particularly highlighted the concerns of the Global South, reflecting the broader macroeconomic implications of cryptocurrencies for emerging economies.
The G20, consisting of 19 nations and the EU. Represents a significant portion of the world’s economic landscape. Despite India’s historical cautiousness towards crypto, as demonstrated by the Central Bank’s reservations and stringent tax policies. The country is actively exploring its own Central Bank Digital Currency (CBDC). Known as the E-Rupee, which has initiated a pilot program involving various institutions since October 2022.
Clever Robot News Desk 29th August 2023
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