The United States seems to have two main issues right now: one is related to the US debt, one is related to artificial intelligence. The US might no longer be able to pay its bills after the end of May. Many nations are discussing different solutions, to avoid too much reliance on the United States. In the meantime, artificial intelligence continues to raise questions. The latest news that made headlines, related to a fake Pentagon explosion, was an occasion to discuss the capability of AI-based tools to create misinformation. Moreover, the US and China have found a new dispute ground in AI. This and much more in this number of FinTech Weekly, the free newsletter to stay ahead of competition and discover fintech news, events and insights.
Paul Krugman, the Nobel Prize-winning economist, expressed his opinions for what concerns the US dollar. Its liquidity issues might make the US lose its status as the reserve currency of the world. According to the economist, there is no viable alternative to work as a safe and liquid asset. But not everyone agrees on the opinions of Krugman.
An AI-generated image of an explosion of a building next to the Pentagon became viral – but people (and some verified accounts) thought that the image was real. This event was even able to create a brief drop in the stock market. Questions about the safety of artificial intelligence have been raised again.
Artificial intelligence seems to play a pivotal role also in the disputes between the United States and China. According to the investment firm Wedbush, investors still prefer US businesses when it comes to AI.
The CEO of 10X Banking, Antony Jenkins, affirmed that banks are “museums of technology”. The CEO went on saying that banks had never focused on technology before 2008 (the year of the global financial crisis).
Yassine Elmandjra, analyst at ARK Invest, said that the US lacks credible institutions related to the crypto space. According to the analyst, the United States might lose the race to become crypto hubs and industry leaders. On the contrary, countries like Australia, Switzerland and the United Arab Emirates, are constantly enhancing their skills and positions in the market.
Maybe as an answer to the current status of the United States for what concerns cryptocurrencies, Coinbase – which is the largest crypto exchange in the US, launched a new ad campaign to highlight the advantages of blockchain and cryptocurrencies. The national campaign’s title is Crypto: Moving America Forward.
The US debt ceiling becomes an increasingly tough topic, since the deadline of June 1 is closer. According to Treasury Secretary Yellen, after that date the US won’t be able to pay its bills. But Goldman Sachs experts say that the date could be set a week later.
The Swiss-based YouHodler, a Web3 platform focused on providing fintech solutions, announced a new set of B2B2C offerings at the 2023 Crypto Valley Conference.
In this article, FinTech Weekly analyzes the current status of AI ethics – and why it’s so important to develop ethical artificial intelligence right now.