India’s PM advocates global ethical framework for cryptocurrency, artificial intelligence
India’s Prime Minister Narendra Modi emphasized on Sunday the need for a global framework to regulate cryptocurrencies, ensuring the interest of all stakeholders. He further stated that a similar approach is essential for the governance of artificial intelligence (AI).
See related article: India crypto industry on ‘Stairway to Heaven’ as government ignores requests in Budget
Fast facts
- “With time, we have to face issues that we couldn’t even think of 10-15 years ago. For instance, cryptocurrency-related challenges,” Modi said while at the Business 20 (B20) summit in India.
- The B20, a part of the Group of 20 (G20) summit, serves as a platform for the international business community to present unified views. Currently, India holds the presidency of the G20.
- Modi also said that global business communities and governments need to come together to ensure that “ethical” AI is put in place.
- “The world is showing a lot of excitement around AI. But even in this excitement we need to look at some ethical considerations,” Modi said. With skilling and re-skilling, concerns are being raised around algorithm bias and the way it can affect society, he added.
- The world’s most populous nation, known in the Web3 industry for its cautious stance on cryptocurrency trading, released a note suggesting a roadmap for a global crypto assets framework earlier this month. India’s proposal aligns with guidelines provided by the Financial Stability Board and the International Monetary Fund.
- India imposes a 30% flat tax on crypto income and a 1% tax deducted at source (TDS) on crypto trades above 10,000 Indian rupees (US$121). Furthermore, the country does not allow crypto traders to offset losses against profits. Penalties include an amount equivalent to TDS for non-deduction, a 15% annual interest for late payment, and a potential jail term of up to six months.
See related article: India imposes money laundering regulations on crypto industry
Read More
India’s PM advocates global ethical framework for cryptocurrency, artificial intelligence
India’s Prime Minister Narendra Modi emphasized on Sunday the need for a global framework to regulate cryptocurrencies, ensuring the interest of all stakeholders. He further stated that a similar approach is essential for the governance of artificial intelligence (AI).
See related article: India crypto industry on ‘Stairway to Heaven’ as government ignores requests in Budget
Fast facts
- “With time, we have to face issues that we couldn’t even think of 10-15 years ago. For instance, cryptocurrency-related challenges,” Modi said while at the Business 20 (B20) summit in India.
- The B20, a part of the Group of 20 (G20) summit, serves as a platform for the international business community to present unified views. Currently, India holds the presidency of the G20.
- Modi also said that global business communities and governments need to come together to ensure that “ethical” AI is put in place.
- “The world is showing a lot of excitement around AI. But even in this excitement we need to look at some ethical considerations,” Modi said. With skilling and re-skilling, concerns are being raised around algorithm bias and the way it can affect society, he added.
- The world’s most populous nation, known in the Web3 industry for its cautious stance on cryptocurrency trading, released a note suggesting a roadmap for a global crypto assets framework earlier this month. India’s proposal aligns with guidelines provided by the Financial Stability Board and the International Monetary Fund.
- India imposes a 30% flat tax on crypto income and a 1% tax deducted at source (TDS) on crypto trades above 10,000 Indian rupees (US$121). Furthermore, the country does not allow crypto traders to offset losses against profits. Penalties include an amount equivalent to TDS for non-deduction, a 15% annual interest for late payment, and a potential jail term of up to six months.
See related article: India imposes money laundering regulations on crypto industry
Read More