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FameEX Morning Crypto News Recap | November 8, 2023
2023-11-08 12:08:20
China Considers Using Digital Yuan for Commodity Transactions
The People's Bank of China is exploring the possibility of settling trades in services and commodities with Hong Kong using the digital yuan. Di Gang of the PBOC's Digital Currency Institute suggests this could circumvent the challenges and high costs associated with traditional single-channel cross-border payments.
Anticipate Increased IRS Monitoring of Cryptocurrency with a Rise in Seizures
The Justice Department deems it essential to have the authority to confiscate cryptocurrencies without judicial consent. This stance comes as the IRS seeks to intensify surveillance on cryptocurrency transactions, with a historical report potentially shedding light on the practical use of the gathered information.
US Consumer Financial Protection Bureau Suggests Oversight of Digital Application Providers, Covering Crypto Wallets The U.S. Consumer Financial Protection Bureau (CFPB) proposes a regulation to oversee major non-bank digital wallet and app providers, extending its regulatory reach which already includes consumer reporting, debt collection, student loan services, international remittances, and auto finance. IBM Introduces $500 Million Investment for Advancing Generative AI in Business Applications Following its investment in Hugging Face's $235 million funding round, IBM has initiated a $500 million fund dedicated to enhancing generative AI for enterprise use. The Enterprise AI Venture Fund, announced on November 7, aims to speed up the development and research of generative AI technologies in the business sector. Industry Experts Deem Biden's AI Executive Order a 'Definite Challenge' for Open-Source AI President Joe Biden's executive order, issued on October 30, outlines measures for AI safety to protect individuals, governmental entities, and businesses in the United States. Yet, the AI sector has voiced worries that the order's broad language may inadvertently suppress innovation due to unclear regulatory expectations. Meta Prohibits Use of AI-Generated Ad Tools for Political Advertising Campaigns Meta, which owns Facebook and Instagram, has restricted political campaigns and advertisers from accessing its generative AI tools for ad creation, a spokesperson revealed in an exclusive report by Reuters. This move reflects the company's stance on the use of AI in the sensitive arena of political advertising. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
