Indian Experts Say Upcoming Crypto Laws Will Enable Responsible AI Use

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  • Indian Web3 community anticipates the positive impacts of crypto regulations on AI.
  • The country is on the verge of soliciting public opinion on cryptocurrencies.
  • India’s efforts to establish crypto regulations garnered praise on the international stage.

As India works on drafting crypto-focused regulations, top players in the Indian blockchain space are optimistic about the positive impact of detailed crypto laws for blockchain technology and Artificial Intelligence (AI).

In a recent interview, Denis Sklyarov, the co-founder of the decentralized wireless (DeWi) app WiFi Map, underscored cryptocurrencies‘ significance in the evolving technological landscape. Sklyarov noted that a collaborative effort among G20 member countries could facilitate the responsible integration of AI and digital assets into societies.

Similarly, Manhar Garegrat, CEO of Panthera Web3 Wallet Suite, highlighted the potential benefits of a global regulatory framework. He pointed out that the framework could address challenges related to money laundering, terrorist financing, and market manipulation.

Moreover, Garegrat cited the positive impact of the Travel Rule framework established by the Financial Action Task Force (FATF) to back his claim. On the other hand, Om Malviya, the President at Tezos India, expressed that harmonizing regulations would unlock the full potential of blockchain to benefit individuals, businesses, and economies on a global scale.

It is worth mentioning that India’s efforts to establish comprehensive crypto regulations have garnered praise on the international stage, especially during the recent G20 Summit held in Delhi.

In a recent tweet, Nirmala Sitharaman, India’s Minister of Finance and Corporate Affairs, shared that the International Monetary Fund (IMF) provided inputs for the country’s initiative to formulate crypto laws.

Furthermore, the Indian Secretary of the Department of Economic Affairs, Ajay Seth, reportedly revealed that India is on the verge of soliciting public opinion on cryptocurrencies. The anticipated crypto regulations could mandate that all crypto firms collect KYC details from users.