India and Australia Unite for Blockchain and AI Regulatory Strategies

By Sunil Sonkar
2 Min Read
India and Australia Unite for Blockchain and AI Regulatory Strategies

In the age of rapid tech advancements, India and Australia unite to regulate emerging technologies. Sarah Storey, Deputy High Commissioner of the Australian High Commission to India, emphasized global cooperation for responsible tech usage at a recent event by CUTS International and IIIT Bangalore.

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Both the nations share a strong dedication to setting uniform standards across various domains including artificial intelligence (AI), blockchain technology, 6G and Big Data. Storey highlighted the necessities for nations with similar objectives to collaboratively tackle the challenges emerging from new technologies.

Building on this partnership, the two countries formalized their commitment through the signing of a Memorandum of Understanding (MoU) on September 3rd. The primary objectives of it include enhancing collaboration on technical standards, spectrum management and the formulation of telecommunications policies.

India and Australia are actively establishing an ethical foundation for 6G technology. This framework, as explained by Ujjwal Kumar of CUTS International, will encompass principles like privacy, data protection, fair competition, inclusivity and sustainability.

Speakers at the event cautioned against excessive regulation of 6G and other emerging technologies, highlighting the risk of stifling innovation in these areas.

While India and Australia are aligned in their efforts of regulating emerging technologies, they have chosen distinct paths in specific domains. Australia has endorsed a sweeping ban on high-risk AI tools and actively sought public input through consultations. In contrast, the Reserve Bank of India (RBI) has wholeheartedly embraced AI, proposing the introduction of AI-powered instant payment systems.

Likewise, their positions regarding blockchain technology vary. Indian regulatory authorities have approached blockchain technology with caution, especially within the financial sector. Conversely, Australia’s central bank has taken a proactive step by introducing a stablecoin to facilitate smoother cross-border transactions for its populace.

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