FinTech Weekly - New Global Orders - Issue #418

Steve Forbes discusses the main reasons why it’s not a good idea for the US government to regulate Artificial Intelligence – AI, especially in this phase of the technology, since we don’t know enough about that to write rules.

Beijing has released a Web3 whitepaper. The government wants to turn the Chinese capital city into a global hub for what concerns Web3 development and the digital economy. The government plans to invest $14 million per year until 2025 to reach its goals.

If the Chinese Yuan will not be the next global reserve currency, what about Bitcoin? As de-dollarization talks keep rising, BRICS countries look for an alternative currency, and other nations try to rely less on the US dollar. Analysts and crypto-enthusiasts see Bitcoin as a possible global alternative.

IndexGPT, the ChatGPT rival created by JPMorgan Chase, was registered with the US Patent and Trademark Office (USPTO) on May 11. In April, the CEO of JPMorgan, Jamie Dimon, had already revealed that the company had over 300 artificial intelligence use cases under development.

On May 27, the CSTCB (Cyber Security and Technology Crime Bureau) of the Hong Kong Police Force launched a new metaverse platform, CyberDefender. The platform wants to promote crime prevention, with a focus on tech crimes.

Blockchain technology and cryptocurrencies are just a part of the current talks surrounding the global financial and economic system. People still need more immediate solutions, as well as a comprehensive vision about the future of finance. In this sense, the cooperation between fintech and the banking industry might be the right path – as long as we’re able to distinguish between different types of services, needs, and the different aspects of digitization and digitalization.

FTW Vintage: an article published by FinTech Weekly to highlight how banks can benefit from the use of blockchain technology, something that is becoming more and more topical.