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ChatGPT and China’s AI: Advantages and Hidden Threats
Intense competition is heating up within the Chinese AI industry, with key players like Tencent, Alibaba, and Bytedance all vying for superiority. They're looking to challenge the dominance held by the American-developed ChatGPT, a product of OpenAI and Microsoft. 
8btc, one of the oldest and most influential cryptocurrency news platforms in China, is undergoing a strategic shift.
The platform, renowned for its coverage of Bitcoin, blockchain, and cryptocurrency-related news, has announced its decision to transition away from crypto content and fully embrace artificial intelligence (AI) and the metaverse.
Founded in 2011, 8btc has published over 1.4 million articles and posts, attracting billions of page views. It has played a vital role in providing information, communication, and investment services for blockchain startups and investors. High-Risk AI Faces Potential Ban in Australia
In response to global concerns surrounding the rapid development of artificial intelligence (AI), the Australian government has launched an urgent eight-week consultation to determine if any "high-risk" AI applications should be prohibited. This initiative follows similar actions taken in the United States, the European Union, and China to understand and potentially mitigate AI-related risks. 
Chinese economist calls for review of crypto ban
Huang Yiping, a former adviser to China's central bank, decided to sit on two chairs, expressing the opinion that the current crypto policy is practical (hmm, probably he said it in order not to be shot), but he is not sure of its feasibility in the future (followed by the voice of his inner economist.) 
James Gorman, CEO of Morgan Stanley, said that the world economy has come out of its peak.
Positive changes were influenced by two factors:
- inflation in the USA has reached maximum levels
- relations between USA and China began to improve
Gorman believes that China and the United States have finally agreed: instead of redistributing the world's prosperity among themselves, they have moved to the desire to increase it so that everyone gets more.
Gorman also suggested that the Fed will not raise rates above 25 basis points next month.
The crypto market seems to agree. 
CBDC Payments Introduced on Buses in China
Jinan, a pivotal city situated in the Shandong Province of China, is propelling the adoption of China's trailblazing central bank digital currency (CBDC), known as the digital yuan. An expansion has taken place where the entire bus network of Jinan is now fully equipped to accept digital yuan as payment for bus fares. 
The first tokenized securities were issued in Hong Kong
BOCI, the investment banking arm of Bank of China, has achieved a landmark feat by issuing CNH 200 million in fully digital structured notes. This marks the first instance of a Chinese financial institution issuing a tokenized security in Hong Kong. BOCI collaborated with UBS for the origination of the product, which was placed with UBS's clients in the Asia Pacific region. From Prohibition to Promotion: China's Capital Embraces Web3
In an effort to foster the development and innovation of the web3 industry, China's capital, Beijing, has unveiled a comprehensive white paper. As reported by The Paper, a local news agency, the document, termed the "Web3 Innovation and Development White Paper (2023)," emphasizes the significance of web3 technology as an "unavoidable direction for the advancement of future internet industries. Chinese Banks Ride the Cryptocurrency Wave in Hong Kong
China's banks show interest in collaborating with Hong Kong's crypto companies as the city aims to become a leading hub for digital assets. As we reported earlier, Hong Kong plans to legalize cryptocurrencies and related trading from June 1, 2023. 
The decentralized Damus app had hardly topped the list of the most downloaded apps when the Chinese government blocked it.
The Damus app has been removed from the Chinese AppStore because it "contains content that is illegal in China.” The ban was initiated by the local Cyberspace Administration.
According to the CAC, Damus provides "information services capable of social mobilization.”
At least it has no attribute of denazification. 
Justin Sun, co-founder of the Huobi exchange, expressed his delight at China's decision to levy a tax on cryptocurrency transactions. He believes that this is a sure sign that China is ready to accept the existence of digital assets and ease the pressure on crypto projects.
Even the fact that fiscal authorities require crypto-markets to register users who invest in cryptocurrencies did not dim his joy.
At the same time, he claims that Huobi is registered in the Seychelles and thus is not required to provide customer information.
And Justin Sun dreams that the TRON blockchain will be adopted in China at the national level.
What else is there to say? Justin Sun is like Jean-Claude Van Damme, but for crypto. 
