Framework needed for responsible AI governance, global standards for crypto currency regulation: PM Modi

New Delhi: Prime Minister Narendra Modi on Sunday while addressing the concluding session of the G20 Summit on 'One Future' said that there is a need to create a framework for a responsible human-centric Artificial Intelligence governance.

In this regard, India will also give suggestions. He said, "And our efforts will be that in spheres of socio-economic development, global workforce as well as in research and development, the benefits of Artificial Intelligence (AI) are available to all nations."

In 2019 the G20 had adopted the principles on AI, which now need to be taken forward, PM Modi said.

"At the same time, global cooperation is also needed for preparing a framework on cyber security," the prime minister said.

He added that new ways of terror funding are being seen through the cyber world, which need to be prevented for the good of all nations.

"The sentiment of 'One Future' will be strengthened only when we will focus on the safety of every nation," Modi said.

"In today's world there are several burning issues which can impact the present and future of all nations.

"One among these issues is that of crypto currency, which has emerged as a new topic for social order, monetary and financial stability.

"We need to develop global standards to regulate crypto currencies, and to do this we have the model of Basel standards on banking regulations before us," the prime minister said.

Modi once again reiterated the need for restructuring the UN Security Council, noting that despite 200 nations being part of the UN, the permanent members of the Security Council have remained static even after almost 80 years of its existence.

"If an organisation doesn't change with time, it loses its relevance. We need to think with open minds as to why new global platforms have emerged and are also successful," Modi said.

The prime minister also called for expansion of the mandate of multilateral development banks (MDBs), for which immediate and effective decisions are needed to be taken.

"In the fast changing world, along with sustainability there is also a need for stability, so let's take a vow to fructify our promises on Green Development Pact, action plan on SDGs, high level principles on anti-corruption, MDBs' reforms as well as digital public infrastructure," the prime minister said.