G20 Summit 2023: Central Focus On Crypto Assets And Harnessing Artificial Intelligence (AI)

The 18th G20 Summit was held in New Delhi on 9-10 September 2023 under the theme 'Vasudhaiva Kutumbakam'. It was consummating all G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies. A G20 Leaders' Declaration will be adopted after the G20 Summit, focusing on promoting strong, balanced, and inclusive growth. 

The G20 Cooperation has discussed many global challenges like poverty and inequality, climate change, pandemics, and conflicts. The world leaders have summoned that they will pursue development models that implement sustainable and inclusive transitions globally, leaving no one behind. 

The G20 Group has endorsed many recommendations in various fields, including Technological Transformation and Digital Infrastructure. The G20 Committee recognizes the Digital public infrastructure (DPI) as safe, secure, trusted, and accountable. It stresses the importance of an enabling, inclusive, open, fair, and safe digital economy for all countries and stakeholders while respecting applicable frameworks. 

The Crypto Ecosystem

The G20 Cooperation has informed that they closely monitor the risks of the fast-paced development in the crypto-asset ecosystem. The Financial Stability Board will provide high-level recommendations for crypto activities such as regulation, supervision, and oversight of markets and global stablecoin arrangements. 

As India's G20 presidency focuses on regulating crypto assets, among other essential things, the International Monetary Fund (IMF) has taken an important role in shaping the global crypto approach. The IMF's Deputy Managing Director, Gita Gopinath, delved into the details of this commencement. 

"There is no talk of banning cryptocurrencies, indicating a global consensus against regulatory measures," said Gopinath.

IMF's Gita Gopinath explained the new framework, and the Financial Stability Board and the IMF have joined powers to address crypto assets comprehensively. She suggested that the crypto market will become more safe and secure with improved data and transparency. 

Harnessing Artificial Intelligence (AI)  

The G20 Group has also discussed the fast progress of AI that guarantees wealth and development of the global digital economy. Government officials have noted the importance of leveraging Artificial Intelligence for a reliable, inclusive, and human-centric AI Development that ensures transparency and explainability, fairness, accountability, regulation, safety, appropriate human oversight, ethics, biases, privacy, and data protection. 

"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," said Modi.

During the G20 Leaders' Declaration, the Indian Prime Minister remarked about Artificial Intelligence. He said that all countries should establish a framework for responsible human-centric AI governance, and world countries will benefit from AI in areas like socio-economic development, global workforce, and research and development.

Conclusion

The G20 Summit has established a new revival for the crypto assets and digital currency frameworks. Every country will formulate the regulations for the crypto ecosystem, abiding by the G20 Leaders' Declaration, and pursue a pro-innovation regulatory/governance approach that maximizes the benefits associated with using crypto assets.  They will also adapt to Artificial Intelligence in their socio-environmental bodies.

Now is the right time to invest in the Crypto and AI industries, as the world nations will soon normalize the new technologies in our day-to-day lives. You can benefit from the crypto ecosystem by developing your own Cryptocurrency Platform. Choose our Cryptocurrency Exchange Development Company and AI Development Company, as we scrutinize the regulations and follow the precise governance of respective countries.