China Intensifies Crypto Crackdown; South Korea Promotes Transparency; Media Giants Tackle AI
Summary:
China's top prosecuting authority warns against using Tether stablecoin in foreign exchange transactions, intensifying its crackdown on cryptocurrency two years after significant crypto restrictions. Meanwhile, Hong Kong contemplates regulating and accepting "fiat-referenced stablecoins." In South Korea, officials will have to publicly declare their cryptocurrency holdings from 2024. The New York Times files a copyright lawsuit against OpenAI, accusing it of unlawfully using its content to train chatbots. Lastly, the Council of Europe's Intergovernmental Committee on Media adopts new guidelines for using AI in journalism.
Chinese authorities have intensified their efforts to curb the use of digital currencies like Tether (USDT) in foreign exchange transactions, two years after imposing significant restrictions on cryptocurrency. China's highest prosecuting authority, the Supreme People's Procuratorate (SPP), has alerted the public to the illegality of using USDT as a means to exchange the yuan for other traditional currencies. The public caution was issued in collaboration with the State Administration of Foreign Exchange (SAFE), who both highlighted the illegality of using USDT as an intermediary for local and international currency exchanges. They have called on local agencies to amplify efforts to clamp down on fraudulent foreign exchange transactions involving the stablecoin.
On a separate note, Hong Kong is considering the regulation and acceptance of "fiat-referenced stablecoins" (FRS). Cryptocurrency issuers would have to secure a local license as proposed in a joint paper by the Financial Services and Treasury Bureau, and the Hong Kong Monetary Authority (HKMA). The document details what constitutes a fiat-referenced stablecoin and mandates any companies that publicly issue FRS to obtain a license from the HKMA.
In a transparency drive, South Korea will require thousands of its officials to publicly declare their cryptocurrency holdings from 2024. This information will be part of the Public Official Ethics System, the country's Ministry of Personnel Management has stated. The initiative follows a recent investigation that revealed 18 out of 298 South Korean lawmakers possessed digital assets within the past three years, while 11 traded almost $100 million in cryptocurrencies. In a bid to streamline the registration of information about crypto holdings, five major South Korean cryptocurrency exchanges plan to launch dedicated "information provision systems" by June 2024.
Elsewhere, The New York Times (NYT) has taken legal action against artificial intelligence (AI) firm OpenAI, citing copyright infringement. The news outlet alleges that OpenAI exploited its content to inform the learning of its AI chatbots, which infringes upon the NYT's ability to conduct business. The accusation includes a reference to Microsoft's Bing AI, alleging it produces exact excerpts from the news outlet's content.
In Europe, new guidelines for the implementation of AI in journalism have been endorsed by the Council of Europe’s Intergovernmental Steering Committee on Media and the Information Society. The guidelines address various stages of AI integration into journalistic productions, from initial adoption to assimilation within newsrooms, and also encompass AI's societal and audience impacts. This initiative also stipulates the roles and obligations technology providers, platforms, and member states should undertake.
Published At
1/1/2024 11:00:00 PM
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