Month: May 2023

Chinese officials issue warning about AI and national security

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Officials in China have issued a warning about the risks posed by the rapid advancement in artificial intelligence (AI) development and subsequently called for tighter measures on national security.  The remarks come from a meeting on Tuesday in which Chinese President Xi Jinping, and other prominent members of the communist party, stressed the country’s ambitions to take the lead in the global race to develop cutting-edge technology. Local news outlet Xinhua News Agency reported that local leaders discussed the need for “dedicated efforts to safeguard political security and improve the…

IOTA is down by over 10% as bitcoin and altcoins struggle 

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The price of MIOTA, IOTA’s native cryptocurrency, has decreased by more than 10% in the last 24 hours, making it one of the top losers of the day. Major cryptocurrencies, including bitcoin (BTC) and ether (ETH), have also witnessed corrections. While the global cryptocurrency markets reacted positively to the recent US debt ceiling agreement, with the price of bitcoin temporarily surging to the $28,447 price region on May 29, the euphoria has gradually died down, as…

AML rules for digital assets to come into effect in UAE

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Under new rules from the Central Bank of the United Arab Emirates (CBUAE), licensed financial institutions (LFIs) would be required to verify the identities of all customers. The update will come into effect “within a month” by the end of June.  On May 31, the CBUAE published guidance for LFIs on risks “related to virtual assets and virtual assets service providers.” A 44-page document specifies the new rules on Anti-Money Laundering and Combating the Financing of Terrorism for banking institutions engaging with crypto in the UAE. It takes into account…

Baidu Launches $145 Million VC Fund to Back AI Startups

Chinese multinational tech company Baidu is launching a well-heeled fund to support AI development and growth.  Baidu (NASDAQ: BIDU) appears set to launch a 1-billion yuan ($145 million) venture capital artificial intelligence (AI) fund to support AI startups. Today, the Chinese tech giant announced its AI fund intentions alongside other related initiatives. In addition to supporting platforms focused on artificial intelligence-generated content, Baidu also plans to launch a contest promoting its own AI product. The Beijing-based tech company explained that the competition would see developers creating applications using its Ernie large language model…

Ethereum, Not Bitcoin, Will Drive Global Crypto Adoption

Considering the kind of projects that the Ethereum blockchain hosts, and the kind of services it offers, Roger Ver believes that Ethereum will be able to drive major user adoption. Roger Ver, also popular as Bitcoin Jesus for being an early BTC advocate, recently gave a statement that it will be Ethereum, and not Bitcoin, responsible for driving a bulk of new users towards cryptocurrencies. While speaking at the Show Me The Crypto podcast on Tuesday, May 31, Roger Ver said that despite the Ethereum blockchain facing scaling issues and…

Bybit Announces Exit from Canada Following Recent Regulatory Development

The Bybit exit from Canada the increasingly stringent crypto regulations enacted by Canada’s securities regulator. Bybit recently announced its exit from Canada due to recent regulatory developments in the North American nation. The Dubai-based crypto exchange said it is suspending its offerings to Canadian residents and exiting the country’s market today. Bybit’s departure from Canada follows the exit of other exchanges from the country, including leading player Binance. However, other popular crypto-focused firms like Kraken, Coinbase (NASDAQ: COIN), and Gemini remain committed to Canada. In a blog post released Tuesday, Bybit said: “It has always been Bybit’s primary objective to…

Web3 Payments Startup Transak Raised $20 Million in Series A Funding

Transak said that the funds raised will go towards global expansion by building onboard solutions, financial applications, as well as Web3 games. Web3 crypto startups have been recently on the radar of investors and have been raising funds even in the current macro scenario. On Tuesday, May 30, Web3 payments startup Transak announced raising $20 million in a Series A funding round led by early-stage venture capital firm CE Innovation Capital. The renewed capital shall go towards a continued global expansion by building onboard solutions, financial applications, as well as…

Goldman Sachs to Run Another Round of Layoffs amid Wall Street Dealmaking Decrease

Goldman Sachs is not the only company to participate in the latest round of Wall Street layoffs. Such banking giants as Morgan Stanley and JPMorgan Chase are also reducing their headcount. Banking giant Goldman Sachs Group Inc (NYSE: GS) is reportedly planning to run a new round of layoffs. According to those familiar with the matter, the move will affect around 250 employees in senior positions. The plan to cut jobs results from the slowdown in Wall Street’s dealmaking and decrease in profits. This is the third cut in less than…