PM Modi stresses “integrated approach” toward cryptos at B20 Summit

India’s Prime Minister Narendra Modi called for a global framework on cryptocurrencies and the ethical use of pioneering technology like artificial intelligence. Modi made the statement while addressing a gathering at the B20 Summit in New Delhi on August 27, 2023. 

The Indian PM spoke extensively about the need for businesses to go beyond “celebrating consumer rights” and to focus on “consumer care”. Modi said if India Inc. focused on consumer care, it would be sending a positive signal to the world and would be able to resolve consumer rights issues. He said businesses should try to boost their consumers’ trust. He also called for a day to be commemorated as “International Consumer Care Day’.

Underlining the growing scope of AI, Modi said the world needs to unite to address the challenges of reskilling, skilling, and algorithmic bias and its impact on society. He stated that governments and the international business community should work together to ensure that there’s a “global framework” for the expansion of ethical AI.

Drawing attention to the rapidly growing cryptocurrency market, the Prime Minister also spoke at length about cryptocurrencies and said there was a need for an “integrated approach” towards solving issues related to these blockchain-powered assets.

Referring to India’s recent lunar mission, the Chandrayaan-3 lander module’s touchdown on the moon’s south pole, Modi said currently India was in a “celebration mode”. Lauding the milestone, he said the feat was made possible due to the hard work of Indian Space Research Organisation (ISRO) scientists and other industries.

On August 24, India’s Chandrayaan-3 scripted history after it landed on the lunar surface, making the country the fourth nation to land a spacecraft on the moon. The three countries who have managed the feat are the US, China, and the erstwhile Soviet Union. 

Talking about the country’s vision for “inclusiveness”, he said that his government has invited African nations to the upcoming G20 Summit for permanent membership. In December 2022, India assumed the presidency of the G20 — a global forum for boosting international economic cooperation. The country will be hosting the G20 Summit in its national capital on September 9 and 10.

PM Modi also shed light on how the country’s young talent and how the Asian nation has become the face of a “digital revolution”. He went on to lay emphasis on India’s contribution to the global supply chain. 

Calling for a “pro-planet” approach, he said every nation should try to explore the potential of green energy. Modi said India is striving to replicate the success of solar energy with its initiatives in the green hydrogen sector. He also said that the country plans to take all nations together and form an ‘International Solar Alliance”.

India stood fourth in the 2022 Global Crypto Adoption Index, preceded by Vietnam, the Philippines, and Ukraine. If cryptocurrency charts are anything to go by, Indians are steadily moving to explore opportunities associated with the most popular cryptocurrencies in the world. 

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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