To ensure the ethical use and advancement of AI, the G20 member states advised resolving current worries about data protection, biases, suitable human oversight, and ethics.
In addition to making preparations for a future that will involve crypto assets and central bank digital currency (CBDC), the G20 member countries pledged to responsibly use artificial intelligence (AI) technology as India turned the G20 Presidency over to Brazil.
Technology’s significance in bridging global digital disparities was recognized in the G20 leaders’ declaration paper. By doing this, it recognized the potential of CBDCs in cross-border payments as well as the interest of the G20 in developing norms and regulations for cryptocurrencies.
The G20 members, which include 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 tool for prosperity and the growth of the global digital economy.
Our goal is to use AI for the benefit of society by tackling problems in an ethical, inclusive, and human-centric way while upholding everyone’s rights and safety.
However, the G20 member states advised resolving current worries about data protection, biases, proper human oversight, and ethics, to mention a few, in order to ensure the responsible use and development of AI. The “for good and for all” AI pledge from the G20 countries stated:
We will cooperate to advance talks on international governance for AI and promote international cooperation in order to fully realize the promise of AI, fairly distribute its advantages, and reduce its risks.
The G20 AI Principles, which outlined international policy and cooperation surrounding developing “trustworthy AI,” were also reaffirmed by the participants as being important. In addition, the G20 decided to adopt a “pro-innovation regulatory/governance approach” that can aid in maximizing the advantages of AI while potentially minimizing any hazards related to it.
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.