September 10, 2023 - The recent G20 Summit in Delhi, India, brought world leaders together to tackle urgent global issues. One key focus was the Delhi Declaration, an agreement to carefully watch and manage advancements in Artificial Intelligence (AI) and Cryptocurrency. This shows how crucial these technologies are in our modern world.
The G20 countries, which account for around 90% of global GDP, now recognize the importance of cooperating in monitoring these rapidly expanding technological fields.
They believe it is critical since these things are changing rapidly and can both assist and hurt us.
Understanding Risks and Rewards
Cryptocurrency is a kind of digital money that is not controlled by any central authority. This makes it very different from traditional currencies, which are issued by governments or central banks. Cryptocurrency can be used for both good and bad purposes. For example, it can be used to make anonymous transactions, which can be helpful for people who want to protect their privacy. However, it can also be used to facilitate illegal activities, such as money laundering and drug trafficking.This makes it something that needs careful watching.
Same as Cryptocurrency, AI is another rapidly evolving technology that has the potential to be both beneficial and harmful. AI can be used to improve our lives in many ways, such as by developing new medical treatments, creating more efficient transportation systems, and automating tasks that are currently done by humans. However, AI could also be used to create autonomous weapons systems that could kill without human intervention.
Why Watch Carefully?
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| Source X / @g20 |
The G20 leaders, led by Prime Minister Narendra Modi, have agreed to keep a careful eye on these technological domains.
They want to ensure that as these technologies advance, they benefit people rather than hurt them. The goal is to create standards that are fair and effective in managing risks while still allowing technology to advance.
The goal is to ensure that digital advances benefit everyone and do not exclude some people. The government of G20 Countries promises to define clear and reasonable rules. They want to ensure that new technology like this does not lead to issues like inequity or discrimination.
What's next?
The world leaders have a plan of action for establishing these rules. They will consider various dangers, particularly those posed by developing countries. They will also look into ways to combat criminal uses of this technology, such as money laundering.
They also discuss the potential implications of digital currency issued by central banks. They will investigate how these possibilities affect international payments and the global financial system.
Finally, the goal is to use AI and cryptocurrency in a way that benefits everyone. They will employ international standards and cooperation to guide how artificial intelligence and cryptocurrency can be used to assist achieve goals that make the world a better place for everyone.
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| Screenshot from the G20 Declaration Highlighting |
Quote from India’s Prime Minister Narendra Modi
“We are One Earth, One Family, and We share One Future,” says India’s Prime Minister Narendra Modi.
The G20's Delhi Declaration is a significant step toward handling the risks and opportunities of cryptocurrency and artificial intelligence.
The world's major economies are now committed to keeping an eye on these rapidly developing technological fields. They strive to get the most out of them while ensuring that they do not hurt us.
SOURCES: Livemint, Official G20 Declaration Doc
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