Gaining control over emerging technologies without stifling innovation has been a vital focus for regulators worldwide. The recent G20 member nations’ shift towards exercising responsible growth and use of Artificial Intelligence (AI) draws from this overarching conundrum. While recognizing the potential of crypto assets and central bank digital currencies for fostering a more inclusive digital world, the coalition, which includes Argentina, Australia, Brazil, Canada, China, and the European Union, amongst others, has also proposed establishing a global crypto framework.
AI is visualized as an instrumental force in driving the global digital economy’s prosperity and expansion, aligning futuristic initiatives with existing sustainability goals. However, illuminating its responsible use and evolution necessitates addressing pivotal issues like data protection, potential biases, and human oversight justification. The G20 nations highlight the need to draw upon the full potential of AI to ensure its equitable and risk-mitigated benefits, thereby emphasizing a “pro-innovation regulatory/governance approach”.
While the G20 works towards leveraging technology for public good, building trustworthy AI based on its global policies and internationally agreed principles, the contrast in regulatory approaches for influencers across borders surfaces another facet of the challenge. Regulations range from allowing registered cryptocurrency companies to engage influencers for promotional needs to severe penalties inflicted by others for non-compliance. This discrepancy attests to the need for a more homogeneous approach to controlling the currently disjointed international landscape.
Speaking about this regulatory asymmetry and need for cooperation during the summit, Nirmala Sitharaman, India’s Minister of Finance, elucidated that financial technology transcends borders, making international cooperation more crucial than ever.
On the other hand, the French approach to systematically control influencers finds its manifestation in valuing and licensing them. A voluntary “Responsible Influence Certificate”, established by French regulatory agencies, caters to the financial sector’s influencers by offering specialized training. It revolves around the premise of educating influencers—an impactful strategy to counter a technology suffused approach.
These diverse narratives underline how crucial orchestrating a balanced policy is, where innovation isn’t muzzled but harnessed responsibly. As regulators grapple with these novel arenas, their divergent philosophies reflect a shared end goal; a digital future characterized by transparency, equity, and security. Nonetheless, the quest towards this grand vision needs a well-rounded and coordinated effort, steering clear of parochial restrictions that tend to balk instead of boost progress.
Source: Cointelegraph
