- PM advocates focus on “ethical AI” because of how rapidly it is developing
- He calls to observe Consumer Care Day, move from carbon credit to green credit
On August 27, Indian Prime Minister Narendra Modi said an integrated approach to deal with crypto-related issues was needed. He spoke at the Business 20 (B20), an event which is part of the G20 Summit, meant to express views shared by the global business community.
Call for ethical AI
The Prime Minister of the world’s biggest democracy asked business leaders to brainstorm on AI, crypto, and other relevant issues. He highlighted the need for a global crypto framework and the priority to focus on “ethical AI” because of how rapidly this technology is developing and disrupting traditional structures.
Consumer care and green credit
During his address at the B20, Modi also pointed out the need for businesses to observe International Consumer Care Day annually. He advocating moving from carbon credit trading to green credit.
He drew attention to his country’s role as “the face of digital revolution in the era of Industry 4.0” and its critical position in developing a trustworthy and efficient global supply chain, adding:
There is a challenge associated with cryptocurrencies. In this matter, a maximum integrated approach is needed. I think there is a need for preparing a global framework which should take care of interests of all stakeholders.
He added that businesses have transcended boundaries and borders and it is now time for them to look beyond the bottom line. They can achieve this by focusing on supply chain sustainability and resilience.
Indian crypto community suffers under paralyzing taxes
The Indian crypto industry saw major losses after the government introduced two cripplingtax lawson unrealized, crypto-related gains and transactions in 2022. The first one demanded people pay a 30% tax on unrealized gains.
All was not well for Indian crypto investors that year either. They lost $130 million in 2022. In most cases, they were lured to fakecrypto exchangesusing techniques like phishing and identity theft spread through social media, Bankless Times reported.
