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U.K. lawmakers wish to unite global efforts to safeguard the masses against bad actors who misuse artificial intelligence, or AI. The U.K.’s House of Commons issued a report acknowledging the potential benefits of AI, such as enhanced productivity and innovative consumer products. However, regulators also highlight the challenges associated with the burgeoning tech, including privacy issues. The AI industry is evolving rapidly, particularly with the emergence of large language models like ChatGPT. These models have transformed AI into a versatile and ubiquitous technology. The report notes that the rapid development of AI has made governance and regulation discussions more urgent. Policymakers are called upon to ensure that AI’s positive impact can be harnessed while safeguarding against potential harm. Twelve key challenges in AI governance are identified, ranging from addressing bias and privacy issues to managing employment disruption due to AI. The report recognizes th...

The G20 has released a Presidency Note under India’s leadership, emphasizing the importance of consistent crypto regulation and guidance across different jurisdictions. Coordination and consistency Following the recommendations of the Financial Stability Board (FSB) and the commitment of the International Monetary Fund (IMF) to deliver a joint IMF-FSB synthesis paper as part of the comprehensive policies to help protect economies and investors in the crypto market, the G20 has released a Presidency Note to help steer the paper in a coordinated manner. Revealing that the G20 had previously guided on the topic, and despite the FSB and FATF recommendations and standards, there is still a “need for coordination in the consistent implementation of crypto regulations and guidance put in place by different jurisdictions.” You might also like: VASPs want to work with regulators after FTX collapse The body has hinted that the synthesis paper, expected at the end o...

Central bank digital currencies (CBDCs) are increasingly becoming the forefront of financial discussions. As of 2023, about 130 countries, representing 98% of global GDP, are exploring the implementation of CBDCs. This piece delves into the specifics of CBDCs, benefits, and challenges and offers a comprehensive view of the current CBDC landscape. Dive into the realm of finance today, and one term you’re bound to encounter is central bank digital currencies (CBDCs).  Imagine these as digital alter-egos of our well-known physical cash, meticulously minted and regulated by central banks. Many see them as a safe haven in the tumultuous sea of crypto assets, offering an element of security that some find comforting. CBDCs are not a recent fad. They’ve been on the stage of financial innovation for more than three decades. The year 1993 saw the Bank of Finland create the Avant smart card, an electronic form of cash that stands as the world’s first CBDC, albeit short-lived. Ho...