As India handed over the G20 Presidency to Brazil, the member nations have committed to harnessing artificial intelligence (AI) technology in a responsible manner in addition to planning for a future involving crypto assets and central bank digital currencies (CBDC).
The G20 leader’s declaration document highlighted technology’s role in bridging digital divides globally. In doing so, it acknowledged G20’s interest in curating policies and regulations for cryptocurrencies and the potential of CBDCs in cross-border payments.
Group of 20 member nations overview. Source: G20
The members of the G20 — which include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union — see AI as a tool for prosperity and expansion of the global digital economy.
“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.”
However, to ensure the responsible use and development of AI, the G20 member nations recommended addressing existing concerns around data protection, biases, appropriate human oversight, and ethics to name a few. The G20 nations’ AI “for good and for all” commitment read:
“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 G20 AI Principles, drafted in 2019, which details global policies and cooperation around building “trustworthy AI.” The G20 also agreed on taking a “pro-innovation regulatory/governance approach” that can help reap the maximum benefits of AI while potentially mitigating any associated risks.
The drive to build responsible AI will also aim to achieve the 17 Sustainable Development Goals (SDGs) set by the United Nations (UN) to further peace and prosperity around the world.
Related: G20 moves forward with international crypto framework
India’s Minister of Finance Nirmala Sitharaman confirmed that G20 members are working toward establishing a global crypto framework.
Indian Finance Minister Nirmala Sitharaman speaking about establishing global crypto regulations. Source: Global Fintech Fest
During the summit, Sitharaman highlighted the need for global cooperation to help regulate cryptocurrencies worldwide.
“In an interconnected world, financial technology transcends borders, therefore making cross-border partnerships absolutely crucial,” she concluded.
