G20 Delhi Summit 2023 Takes on Monitoring of Cryptocurrency and AI Developments

Mukund Kapoor
By Mukund Kapoor - Author 4 Min Read
4 Min Read

G20 nations in New Delhi promise vigilant regulation and oversight to manage potential risks and opportunities arising from Cryptocurrency and Artificial Intelligence (AI).

In Short
  • G20 Summit in Delhi results in Delhi Declaration, committing to vigilant oversight of Cryptocurrency and Artificial Intelligence (AI) developments.
  • World leaders aim for transparent and fair regulatory frameworks to manage risks and maximize benefits of these fast-growing technologies.

September 10, 2023: The recent G20 Summit in Delhi 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 make up about 90% of the global GDP, now see the need to work together in watching over these fast-growing tech areas.

They think it is very important because these things are changing quickly and can both help and harm us.

Understanding Risks and Rewards

Cryptocurrency is a kind of digital money. It is very different from money made by countries because it does not have a central place that controls it. This makes it very hard for governments to manage it.

It can be used for good things, but also for bad things like illegal activities. This makes it something that needs careful watching.

Just like Cryptocurrency, AI is also changing many parts of our lives. AI is helping in health, farming, and even defense. But if we do not use it in the right way, it can be harmful. It can be used wrongly and may hurt people if we do not have proper rules.

Why Watch Carefully?

Narendra Modi in G20 Summit 2023
Source X / @g20

The G20 leaders, with Prime Minister Narendra Modi playing a big role, have promised to watch these tech areas very closely.

They want to make sure that as these technologies grow, they help people and do not harm them. The idea is to make rules that are fair and work well to manage the risks while also letting the technology grow.

The goal is to make sure that digital changes help everyone and do not leave some people out. The countries promise to make rules that are clear and fair. They want to make sure that new tech like this does not cause problems like inequality or discrimination.

What Comes Next?

The world leaders have a plan for how they will make these rules. They will think about different risks, especially for countries that are still developing. They will also work on ways to fight against illegal use of this technology, like money laundering.

They also talk about the possible impact of digital currencies made by central banks. They will look at how these could affect payments between countries and the global financial system.

In the end, the aim is to use AI and Cryptocurrency in a way that helps everyone. They will use international rules and cooperation to guide how AI and Cryptocurrency can be used to help reach goals that make the world a better place for everyone.

Screenshot from the G20 Declaration Highlighting
Screenshot from the G20 Declaration Highlighting

“We are One Earth, One Family, and We share One Future,” says India’s Prime Minister Narendra Modi.

The Delhi Declaration at the G20 summit is a big step toward managing the challenges and promises of Cryptocurrency and AI.

The world’s major economies are now committed to watching these fast-changing tech areas. They aim to get the best out of them, while also making sure they do not harm us.

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By Mukund Kapoor Author
Mukund Kapoor, the enthusiastic author and creator of GreatAIPrompts, is driven by his passion for all things AI. With a special knack for simplifying complex AI concepts, he's committed to helping readers of all levels - be it beginners or experts - navigate the intriguing world of artificial intelligence. Through GreatAIPrompts, Mukund ensures that readers always have access to the most recent and relevant AI news, tools, and insights. His dedication to quality, accuracy, and clarity is what sets his blog apart, making it a reliable go-to source for anyone interested in unlocking the potential of AI. For more information visit Author Bio.
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