AI Regulations Soon? G7 Nations Agree AI Needs Rules

AI Crypto News: The 49th G7 summit hosted by Japan in Hiroshima on Saturday witnessed all the invited nations’ approval on the need for governance in the sector of generative artificial intelligence (AI). The leaders of G7 nations seek the adoption of global technical standards for AI.

Also Read: Why Didn’t US SEC Appeal Over Hinman Docs? Is It Looking To Settle?

AI Tech To Face Trouble From G7?

According to reports, the G7 leaders raised concerns regarding the disruptive potential this technology carries. They stated that the governance of the emerging digital economy should be updated regularly and be in line with democratic values.

The consensus among the leaders build after European Union moved towards passing a law to regulate artificial intelligence. However, it is reported that these laws might be the world’s first complete AI regulations.

Ursula von der Leyen, European Commission President while presenting at G7 mentioned that they want AI systems to be accurate, safe, reliable and Non-discriminatory. Read More Crypto News Here…

Also Read: Ripple CEO Warns “Confusing Laws” Will Push Crypto Firms To Leave US

Bloomberg reported that labeled as the “Hiroshima Process”, the nations will be holding high level meetings discussing the issue. However, a report will be submitted by the end of the year.

ChatGPT, an artificial intelligence chatbot got mentions from several leaders during the meeting. The G7 nations seek to look at the opportunities and challenges of AI. However, the rise of ChatGPT over the past few months has moved other companies to develop more advanced technology. This has led authorities to form regulations around the technology.

The United Kingdom is looking to draft a policy to oversee the risks and benefits of artificial intelligence, While, Japan is considering forming lighter rules than the EU introduced.