G20 nations reaffirm responsible use and development of AI technology


As India handed over the G20 Presidency to Brazil, the member nations have dedicated to harnessing artificial intelligence (AI) technology in a responsible method along with planning for a future involving crypto property and central bank digital currencies (CBDC).

The G20 chief’s declaration document highlighted technology’s position in bridging digital divides globally. In doing so, it acknowledged the G20’s curiosity in curating insurance policies and rules for cryptocurrencies and the potential of CBDCs in cross-border funds.

Group of 20 member nations overview. Source: G20

The members of the G20 — 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 — see AI as a software for prosperity and growth of the worldwide digital financial system.

“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 make sure the responsible use and development of AI, the G20 member nations really useful addressing present considerations round knowledge safety, biases, applicable human oversight and ethics, to call a number of. The G20 nations’ AI “for good and for all” dedication learn:

“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 dedication to the G20 AI Principles, drafted in 2019, which element international insurance policies and cooperation round constructing “trustworthy AI.” The G20 additionally agreed on taking a “pro-innovation regulatory/governance approach” that may assist reap the utmost advantages of AI whereas doubtlessly mitigating any related dangers.

The drive to construct responsible AI may even purpose to realize the 17 Sustainable Development Goals set by the United Nations to additional peace and prosperity world wide.

Related: G20 moves forward with international crypto framework

Indian Minister of Finance Nirmala Sitharaman confirmed that G20 members are working towards establishing a world crypto framework.

Indian Finance Minister Nirmala Sitharaman talking about establishing international crypto rules. Source: Global Fintech Fest

During the summit, Sitharaman highlighted the necessity for international cooperation to assist regulate cryptocurrencies worldwide.

“In an interconnected world, financial technology transcends borders, therefore making cross-border partnerships absolutely crucial,” she concluded.