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Will the EU be able to compete with the US and China? - Issue #6

April 23, 2023

tldr;

The EU, US and China want to regulate artificial intelligence. Read about AI in Europe: What the AI Act Might Mean

FinTech Weekly Perspective

AI – Artificial Intelligence – doesn’t only make headlines for all the innovations it is involved in, but also because it’s time to regulate it.

Every time something becomes an integral part of everyone’s life and businesses, regulators need to address the possible disadvantages involved.

In the case of artificial intelligence, concerns regard countless sectors, from privacy to reliability, and it was even considered a danger to humanity.

Despite this, businesses find AI too useful to abandon it, and regulators are at a crossroads: how to keep artificial intelligence and, at the same time, provide guidelines and regulatory frameworks?

Regulators are already working on it, but it’s highly probable that not all regions will be able to be regulated by laws that will allow them to remain competitive.

Read our full article: AI in Europe: What the AI Act Might Mean

The European Union might not be able to compete with the US and China. Fintech is at risk, and investors and business owners are already concerned about the possible outcomes.

FinTech Weekly Picks

• China vs. the US — via VOA

• EU and AI regulation — via Sifted

• US and AI regulation — via Reuters