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Modi’s push for global crypto regulation and ethical AI shows India’s leadership in the digital economy

Modi’s push for global crypto regulation and ethical AI shows India’s leadership in the digital economy

What do you think of when you hear the words “cryptocurrencies” and “artificial intelligence”? Do you think of innovation and opportunity, or risk and uncertainty? Do you think of the future, or the present? These are some of the questions that Indian Prime Minister Narendra Modi has raised in his capacity as the G20 president, as he calls for a global framework to regulate these technologies and ensure their responsible and beneficial use.

Cryptocurrencies and artificial intelligence (AI) are two of the most disruptive and transformative technologies of our time. They have the potential to revolutionize various sectors and industries, create new opportunities and challenges, and impact the lives of billions of people around the world. However, they also pose significant risks and uncertainties, such as volatility, illicit activities, environmental impact, ethical dilemmas, and social implications. Therefore, it is imperative to have a global framework to regulate these technologies and ensure their responsible and beneficial use.

This is exactly what Indian Prime Minister Narendra Modi has advocated for in his capacity as the G20 president. He has called for international cooperation and guidelines to address the challenges posed by cryptocurrencies and the ethical use of AI. Modi’s push for a unified framework aligns with India’s stance on cryptocurrency regulations, which includes a 30% tax on crypto gains in 2022. It also reflects India’s growing prominence in the field of AI, ranking fourth globally in AI talent.

Modi made these remarks at the B20 Summit in 2023, where he emphasized the need for international rules for cryptocurrencies due to their global impact, comparing it to standardized regulations in the aviation industry. He also highlighted the importance of protecting the interests of all stakeholders, especially the developing and emerging economies, while harnessing the potential of these technologies.

India has been actively participating in the global discussions on crypto regulation, as it holds the G20 presidency in 2023. India has also released a presidency note, which outlines its suggestions for a global framework for crypto assets, based on the guidelines issued by the Financial Stability Board (FSB), the Financial Action Task Force (FATF) and the International Monetary Fund (IMF). The note also emphasizes the need to address the macroeconomic challenges posed by cryptocurrencies, such as volatility, illicit activities and environmental impact.

India’s proactive stance on crypto regulation is commendable, as it shows its awareness of the opportunities and risks associated with these technologies. India has a large and growing crypto market, with over 15 million users and $6.6 billion worth of transactions. India also has a vibrant and innovative crypto ecosystem, with over 300 startups and 10 unicorns. However, India also faces complex legal and regulatory issues regarding cryptocurrencies, such as their status, taxation, KYC norms, consumer protection, and cyber security.

Therefore, India needs to balance its domestic interests with its global obligations. India needs to create a clear and consistent regulatory framework for cryptocurrencies that promotes innovation and growth, while ensuring compliance and accountability. India also needs to collaborate with other countries on creating a common set of standards and rules for cryptocurrencies that foster trust and stability, while respecting diversity and sovereignty.

Furthermore, Modi stressed the importance of integrating rapid technological advancements and protecting stakeholders’ interests. India’s growing prominence in the field of AI, ranking fourth globally in AI talent, makes it a significant player in shaping global discussions on ethical AI and emerging technologies. Modi said that AI has the power to transform various sectors and industries, such as agriculture, health care, education, and manufacturing. He also called for ensuring its ethical use, as it involves human values, rights, and responsibilities.

India has been taking several initiatives to develop responsible AI, such as the National Strategy for Artificial Intelligence and the Responsible AI for Social Empowerment Summit. India has also been collaborating with other countries on advancing AI research and innovation, such as the Global Partnership on Artificial Intelligence (GPAI) and the Indo-French Centre for Applied Mathematics (IFCAM). India has also been supporting various social causes through AI applications, such as disaster management, wildlife conservation, and women empowerment. India’s proactive stance on ethical AI is admirable, as it shows its commitment to contributing to the global dialogue on AI governance and ethics. India has a huge potential to leverage AI for social good, as it has a large population of 1.3 billion people, many of whom face challenges such as poverty, illiteracy, malnutrition, and disease. India also has a rich and diverse culture, which can offer valuable insights and perspectives on AI ethics and values.

Therefore, India needs to balance its technological aspirations with its social obligations. India needs to create a robust and inclusive AI ecosystem that fosters innovation and excellence, while ensuring equity and justice. India also needs to collaborate with other countries on creating a universal framework for ethical AI that respects human dignity and rights, while promoting human development and well-being.

Modi’s push for a global crypto regulation and ethical AI reflects India’s vision of becoming a leader in the digital economy and innovation. It also signals India’s willingness to collaborate with other countries on shaping the future of these emerging technologies. India has a unique opportunity and responsibility to play a pivotal role in the global governance and ethics of cryptocurrencies and AI. India should seize this opportunity and fulfill this responsibility, as it will benefit not only itself, but also the world.

 

Source: https://wishu.io/modis-push-for-global-crypto-regulation-and-ethical-ai-shows-indias-leadership-in-the-digital-economy/

 

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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India to Push for Local and Global Crypto Regulations

India to Push for Local and Global Crypto Regulations

India, which holds the G20 presidency, has been participating in discussions about the potential risks of unregulated cryptocurrencies. Because of long-held concerns over money laundering and terrorism financing, regulations are expected to be a key feature during discussions.

India has been cautious about crypto due to concerns over abuse. While crypto trading is not prohibited, last year it introduced a high tax rate, which has significantly reduced such activity. Additionally, offsetting losses from one crypto asset with gains from another is now prohibited. New Delhi has also discussed the possibility of stricter regulations but has not taken any concrete steps or landed on exactly what those regulations might be.

India has emphasized the need for international cooperation in addressing the risks of crypto, including sharing information and best practices among countries. India supports efforts to develop global standards for regulating crypto and is committed to working with other countries to ensure the effective implementation of these standards.

Its proposed uniform regulations aim to establish a clear and consistent framework for managing and using crypto. These regulations address various risks, including financial stability, consumer protection, and illicit activities. The overall objective is to promote the responsible and transparent use of crypto while supporting the country’s nascent crypto industry.

The proposed regulations are designed to align the use of crypto with the broader goals of the Indian economy while mitigating risks. New Delhi is seeking a level playing field for all participants in the market and the responsible use of this relatively new technology.

In addition to mitigating the risks, the proposed regulations support innovation and growth in the industry. By providing a clear and stable regulatory environment, India hopes to attract investment, encourage innovation, and promote industry growth, thus contributing to the overall development of the economy.

India’s proposed regulations are expected to contain several key features. Firstly, they may include provisions related to licensing and registration of crypto exchanges and ensuring their compliance. Additionally, the regulations may mandate reporting of suspicious transactions and implementation of anti-money laundering measures and countering the financing of bad actors.

Consumer protection and data privacy provisions may also be included in the proposed regulations and requirements for maintaining records and reporting to the government. The regulations are also likely to outline the responsibilities of various stakeholders in the crypto ecosystem, such as exchanges, wallet providers, and users, setting standards for their operation and conduct.

Moreover, the proposed regulations may specify the types of cryptocurrencies that can be traded or held by individuals or businesses and establish rules for their safe storage and transfer. They may also address issues related to taxation, including the tax implications of holding, buying, and selling crypto and the tax treatment of income generated from crypto-related activities.

Currently, the status of crypto regulations in India is somewhat unclear. While New Delhi has expressed concerns about the potential risks posed by crypto, it has not yet taken any concrete steps to regulate the industry. The central bank has issued several warnings about using crypto but has not yet implemented any specific regulations.

In recent years, there has been growing interest in crypto in India, and many exchanges have emerged to meet this demand. However, without clear and consistent regulations, the use and management of crypto remain largely unregulated.

Crypto regulations may have significant economic implications beyond the industry itself. If the regulations successfully address the risks associated with crypto, they may increase investor confidence and attract more investment into the industry. This could lead to the creation of more job opportunities and promote economic development in the country. On the other hand, if the regulations are overly restrictive, they may hinder the growth of the industry. This could also discourage innovation and investment in related fields, such as blockchain technology, which could limit the growth potential of these industries.

Moreover, if the regulations establish clear guidelines for taxation and provide a framework for the reporting of crypto-related transactions, they could contribute to the growth of government revenue. This could be especially important in light of the economic impact of the pandemic, which has put a strain on government finances.

The proposed regulations for crypto have the potential to impact the wider economy in various ways, depending on their effectiveness and how they are implemented. While they may contribute to increased investor confidence and economic growth, it is important to strike a balance between regulation and innovation to ensure the sustainable development of the crypto industry and the wider economy.

By introducing uniform regulations, the government hopes to ensure that cryptocurrencies are used safely and securely while also protecting investors’ interests. The need for uniformity in the regulation of crypto among G20 countries is a matter of debate. On the one hand, uniform regulations can help ensure a level playing field for businesses and prevent regulatory arbitrage. This can also help to reduce the potential for cross-border risks to the financial system. On the other hand, each country has unique economic, political, and cultural contexts and may have different needs and priorities regarding regulating crypto. For example, some countries may place a higher premium on consumer protection, while others may focus more on anti-money laundering and terrorism financing.

Ultimately, the ideal approach to regulating cryptocurrencies is likely to be a balance between these two perspectives, where countries adopt a standard set of principles while still retaining the flexibility to tailor regulations to their specific circumstances. This approach can help ensure that cryptocurrencies are regulated in a way that promotes innovation, protects consumers, and reduces potential risks to the financial system while respecting individual countries’ sovereignty.

The proposal for the uniform regulation of crypto among G20 countries could potentially delay regulation in individual countries, including India. Being an intergovernmental advisor on blockchain and cryptocurrency matters, I would propose that the Indian government do the same rather than uniform regulations across the entire country, it should be localised. This approach can have several advantages, such as allowing for a more flexible and agile regulatory framework that can respond quickly to market changes and industry needs.

Localised regulations can also take into account the specific needs and circumstances of different regions and jurisdictions and allow for the development of regulations tailored to the local context and priorities. This can be especially important in a country as diverse and complex as India, where there may be significant regional variations in the needs and challenges faced by the industry.

Recent events in the market have highlighted the need for some form of regulation in the industry, given the potential risks associated with cryptocurrencies such as price volatility, lack of investor protection, and potential for illegal activities. The proposed uniform regulations in India aim to provide a clear and consistent framework for using and managing cryptocurrencies, while also promoting the growth and innovation of the industry. While the impact of these regulations on the wider Indian economy remains to be seen, their successful implementation could increase investor confidence and boost economic development.

The timeline for introducing these regulations has not been officially announced yet, but it is expected to be presented sooner rather than later. Hopefully, concrete and reasonable regulations will emerge from this meeting, but only time will tell.

 

Source: https://intpolicydigest.org/india-to-push-for-local-and-global-crypto-regulations/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Nikkei Asia: South Korea’s incoming president vows big cryptocurrency push

Nikkei Asia: South Korea’s incoming president vows big cryptocurrency push

SEOUL/SINGAPORE — South Korean President-elect Yoon Suk-yeol will take office in May with no business experience but strong ideas on one of the most contentious subjects in finance, cryptocurrencies.

Yoon, a former top prosecutor who emerged victorious last week in the closest vote for the top office in the country’s history, has promised to allow initial coin offerings, or ICOs, as part of his broader cryptocurrency pledges.

A member of the conservative People Power Party, he has also vowed not to impose taxes on cryptocurrency trading gains of up to 50 million won ($40,000), treating them the same as stock winnings.

Yoon’s proposals were welcomed by cryptocurrency advocates who expect obstacles to be removed and the door opened to increased opportunities in blockchain technology-based assets.

“We definitely welcome his stance as he is confident about boosting the industry,” said Yoon Seong-han, secretary-general at Korea Blockchain Association, a lobby group for cryptocurrency exchanges and other market participants. “As ICOs are banned now, we have no choice but to issue coins in Singapore and other countries. Ventures and startups will be able to raise money easily from investors [if the ban is lifted].”

Yoon the lobbyist is not related to the president-elect.

Singapore-based Anndy Lian, chairman of Netherlands-registered crypto trading platform BigONE Exchange, also welcomed Yoon’s stance. “He understands the importance of crypto,” Lian told Nikkei Asia. “He understands the future, and it is unstoppable.”

Stocks related to coins have rallied on Yoon’s victory over Lee Jae-myung of the center-left Democratic Party. Lee took a cautious stance toward cryptocurrencies. Lee agreed with Yoon on allowing coin issuances but was negative on treating cryptocurrencies the same as stocks.

Cryptocurrencies, which can and do go on huge price swings, have prompted concerns over how they can be effectively regulated.

Shares of Vidente, a telecom facility maker that owns a 34.2% stake in South Korea’s biggest cryptocurrency exchange Bithumb Holdings, jumped 11.3% over two days last week after Yoon was elected, before falling 5.37% on Monday and 2.39% on Tuesday.

According to South Korea’s financial regulator, the country’s cryptocurrency market reached 55.2 trillion won as of December, with average daily trading of 11.3 trillion won. More than 15.2 million people in the country have accounts with 24 cryptocurrency brokers. Of those registered, 5.6 million actually trade.

Traders in their 30s appear to be most enthusiastic, accounting for 31% of all buyers; followed by those in their 40s, at 27%; and those in their 20s, at 23%; according to a Financial Services Commission report released last month. By gender, two-thirds of users are men. More than half of users had cryptocurrencies valued at 1 million won or less, while 15% held 10 million won worth or more.

Stocks have traditionally been South Koreans’ favored investment vehicle. The country’s benchmark Kospi index in 2021 experienced a record year for initial public offerings, which totaled 17.2 trillion won. The index rose 3.63% last year and had a market capitalization of 2.2 quadrillion won.

Yoon’s electoral victory of less than a percentage point was largely propelled by support from socially and economically disaffected younger men, analysts say. This disaffection has been increasing due to high inflation, low growth and more recently soaring home prices.

The victor’s embrace of cryptocurrencies also comes as U.S. President Joe Biden last week signed an executive order ensuring responsible development of cryptocurrencies and other digital assets.

“We must reinforce United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets,” the White House said in a statement, describing one of the order’s objectives.

Yoon can implement part of his cryptocurrency policy through presidential orders, but his no-tax vow will need the National Assembly to revise a tax law. The legislature will also need to pass a bill to set up an agency to regulate digital assets.

This will require cooperation from incumbent President Moon Jae-in’s dominant Democratic Party, which has a majority of 300 seats in the legislature.

At least some of what Yoon proposes is likely to be achieved, according to Han Dae-hoon, an analyst at SK Securities.

“I expect Yoon’s policy to nurture cryptocurrencies is likely to be realized with the new government,” Han wrote in a note on Monday. “But we will not know until we see it.”

In Singapore, Yoon’s openness to crypto has been met with some skepticism. Although the city-state has positioned itself as an Asian hub for digital assets, its financial regulator has been selective in offering operating licenses to crypto players; only a handful of companies have been allowed to do business in the country.

Anson Zeall — emeritus-chair of the Association of Cryptocurrency and Blockchain Enterprises and startups Singapore, a lobby outfit for over 400 businesses — said it remains to be seen how many of Yoon’s promises will be fulfilled.

“Action speaks louder than words,” he told Nikkei Asia. “We need to see what they [South Korea] come up with.”

Lian of BigONE Exchange voiced a similar sentiment.

“Singapore’s menu still has its advantages,” he told Nikkei. “[South] Korea’s money control[s] needs to be relooked [at] in order for crypto to move up another level, so Singapore is still in an advantageous position.”

 

Original Source: https://asia.nikkei.com/Spotlight/Cryptocurrencies/South-Korea-s-incoming-president-vows-big-cryptocurrency-push

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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