All hail Modi’s call for global framework on crypto, AI and emerging techs

In his recent address, Prime Minister Narendra Modi emphasised the need for a global framework on cryptocurrency, artificial intelligence and other emerging technologies. Insisting on collaboration and shared responsibility is essential to ensure that these technologies are used for the benefit of all.

Talking to Bizz Buzz, Manan Vora, SVP of Strategy and Business Operations at Liminal, a wallet infrastructure and custody solutions platform, says, “We at Liminal are committed to providing regulated, compliant and secure solutions for storing digital assets. I believe that these technologies have the potential to revolutionize the way we store and manage our financial assets. I am confident that the upcoming G20 summit in New Delhi will be a major milestone in the development of global regulations for the digital asset industry.”

Poorvi Sachar, Head of Operations at Tezos India, a blockchain adoption entity, says, “It is gratifying that Modi has acknowledged that these advancements transcend borders and require collaborative regulations. Tezos India contributes significantly to this discourse, focusing on the transformative potential of blockchain across diverse industries. Like him, we are also for leveraging innovation for inclusive growth. While AI isn't directly mentioned, it is implied that these technologies intertwine, shaping the future. The synergy between Tezos India's work and the global framework envisioned by the Prime Minister reflects a dynamic approach towards harnessing tech's power. This cooperation ensures that technology serves humanity's needs, underscoring the nation's commitment to human-centric progress.”

Modi's call for a global framework on emerging technologies like cryptocurrency and artificial intelligence is timely and imperative. He understands that the rules governing these disruptive technologies should not be the purview of a single nation or a select group of countries. This is particularly crucial for the global south, which is often sidelined in global discussions. Modi's emphasis on expanding the crypto conversation to consider its broader macroeconomic implications is a welcome shift. It acknowledges the transformative potential of these technologies, not just for financial stability but also for socio-economic development.

Rajagopal Menon, Vice-president, WazirX, says, “As the world grapples with the challenges and opportunities presented by crypto and AI, India has a leadership role in shaping a balanced, inclusive and forward-looking regulatory framework - the Goldilocks zone of regulation. The Goldilocks zone of regulation in the case of cryptos is an environment that is neither too restrictive nor too permissive.”

India’s complex relationship with crypto, juxtaposed with its strides in digital public infrastructure, makes for a compelling voice in the global dialogue. As we look towards the future, the need for a collective, global approach to regulating these technologies has never been more urgent, he said.

Richard Teng, Head of Regional Markets at Binance, says, “India leading the G20 this year, presents an opportunity for the nation to play an active role in shaping international regulations that can protect the interests of all stakeholders involved in the cryptocurrency industry and to build a sustainable and inclusive cryptocurrency ecosystem.”

India showcases a balanced approach by combining its tech-savvy dexterity with advocacy for a global cryptocurrency framework. This sets the stage for future success by fostering innovation, nurturing local expertise and advocating responsible and meaningful adoption.