G7 Leaders Eye Joint AI Policy Amid Criticism From Crypto Traders

This article briefly:

· Leaders of the G7 group of countries have agreed to jointly develop AI policy.

· G7 countries will promote the formulation and deployment of common technical standards.

· Biden criticizes Republican budget at G7 meeting, arguing it protects 'wealthy tax evaders and cryptocurrency traders'. "

The G7 have agreed to work towards adopting interoperable AI regulatory and technical standards.

G7 leaders met in Hiroshima on Friday to discuss artificial intelligence regulation. In a joint statement on Saturday, they emphasized the importance of international discussions on AI governance, noting the need for interoperability between AI governance frameworks.

G7 leaders commit to shared vision for AI policy

In a joint communiqué, G7 leaders said they needed to adjust their countries' vision for AI regulation.

They cite the rapid growth and accessibility of generative AI models such as ChatGPT, recently launched in the form of apps.

World leaders in Hiroshima recognized "the need for an immediate assessment of the opportunities and challenges of generating artificial intelligence, which are increasingly prominent across countries and sectors."

While they recognized that G7 members differ in their approaches and policy tools, they said they share a "common vision and goal of trustworthy AI." As well as working to develop shared technology standards, they also agreed that relevant ministers will set up an artificial intelligence working group by the end of this year.

The panel will discuss how to protect intellectual property, increase transparency and prevent disinformation.

EU promotes artificial intelligence regulation

The latest agreement follows news that the European Union (EU) has moved a step closer to passing dedicated AI regulations. The EU is sometimes referred to as the "eighth member" of the G7. Several EU officials attended the Hiroshima summit.

Earlier this month, the European Parliament adopted a draft negotiating mandate for the AI bill. The EU will now begin the legislative task. The bill seeks to expand citizens' rights to challenge decisions made by AI and to demand transparency from AI systems.

The anticipated bill would also ban certain applications of artificial intelligence.

For example, predictive policing systems are expected to be banned. These are AI models that attempt to identify criminal activity based on profiling, location, or past criminal activity.

Biometric identification systems will also be banned from public spaces, and the scraping of biometric data from social media or CCTV footage will be prohibited.

US President Biden Offers No Respite for Crypto Traders

Also at the G7 summit, US President Joe Biden made comments on budget negotiations. At the same time, it said that the spending proposals reached by Republicans through bipartisan proposals have not yet been confirmed.

The president called the Republican proposal "simply unacceptable." President Biden further added:

"I will not agree to a deal that protects wealthy tax evaders and cryptocurrency traders while putting food assistants at risk."

Currently, no bipartisan agreement has been confirmed. President Biden will return to the United States on Sunday to continue budget negotiations.

However, it is clear that the president has no plans to outline any spending interests that protect or benefit the crypto industry.