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FameEX Morning Crypto News Recap | November 8, 2023
2023-11-08 11:55:45
China Contemplates Adopting Digital Yuan in Commodity Trade Settlements
The People's Bank of China is assessing the use of the digital yuan for settling service and commodity trades with Hong Kong. Di Gang from the PBOC's Digital Currency Institute indicates this approach could bypass the high costs and issues of current singular cross-border payment methods.
Prepare for Enhanced IRS Scrutiny of Crypto Assets Leading to More Confiscations The Justice Department considers it vital to possess the power to seize cryptocurrencies without the need for judicial agreement. This perspective emerges as the IRS is intensifying its efforts to monitor cryptocurrency dealings more closely. Insights from an earlier report may provide an indication of how the information collected from such surveillance could be utilized in actual scenarios. US CFPB Proposes Regulatory Supervision for Digital App Services, Including Cryptocurrency Wallets The CFPB in the United States is pushing for a rule to supervise sizable non-banking entities like digital wallet and app providers, broadening its oversight beyond its current scope of consumer reporting, debt collection, student loan processing, overseas money transfers, and car loan financing. IBM Unveils a $500 Million Fund to Propel Generative AI Innovations in the Corporate Sector IBM, building on its investment in the AI firm Hugging Face, has created a $500 million fund to foster the growth of generative AI for corporate applications. The fund, unveiled on November 7, is set to expedite the progression and exploration of generative AI within the realm of enterprise technology. Industry Authorities View Biden's AI Executive Order as a 'Significant Hurdle' for Open-Source AI The October 30 executive order by President Joe Biden sets forth AI safety measures aimed at safeguarding U.S. citizens, government agencies, and companies. However, the AI industry has raised alarms that the order's general wording might unintentionally restrain innovation, given the lack of precise regulatory guidelines. Meta Disallows Generative AI Tools for Creating Political Advertisements Meta, parent company of Facebook and Instagram, has barred political campaigns and advertisers from using its generative AI tools for ad creation. This decision aligns with Meta's cautious approach to AI utilization in the realm of political advertising, according to a spokesperson's statement to Reuters. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
