FameEX Morning Crypto News Recap | May 6, 2023

BNP Paribas and Bank of China Collaborate to Promote Use of Digital Yuan
BNP Paribas has partnered with Bank of China (BOC) to boost the adoption of China's digital currency, the digital yuan, among its corporate clients in China. This partnership will enable BNP Paribas China's corporate clients to link their bank accounts to the BOC system, manage their digital yuan wallets, track transactions and make payments using China's digital currency via an e-CNY management system.

Google Engineer Raises Alarm over Open-Source AI's Potential Competitive Edge
A Google software engineer has warned that the progress of the open-source community in AI development poses a threat to the company's own efforts in the field. The engineer expressed concerns that independent researchers are making swift advancements in AI, potentially putting Google's competitive edge at risk. The critique was disclosed in a leaked document.

Top Tech CEOs Meet with US Vice President to Address Risks of AI
US Vice President Kamala Harris, along with nine top Biden administration advisors, met with CEOs of OpenAI, Microsoft, Google, and AI startup Anthropic on May 4th, to discuss the risks associated with AI development. The aim of the meeting was to explore potential risks that could arise from AI development, and ensure that AI development proceeds in a responsible and transparent manner.

French Senate Contemplates Permitting Digital Asset Promotion by Influencers
The French Senate is deliberating an amendment to a proposed ban on celebrity endorsement of virtual asset service providers (VASPs) offerings. The amendment would permit companies registered with the Financial Markets Authority (AMF) to conduct such promotions. The Senate's Economic Affairs Committee is reviewing the amendment.

India's Automotive Blockchain Market to See Growth Until 2028, Fueled by Low Operational Costs
The market for automotive blockchain in India is anticipated to experience substantial growth from FY2024 to FY2028 due to factors such as low operational costs, increased security, and the need for the technology in areas such as transportation and insurance. These factors are expected to be the primary growth drivers in the market over the next five years.

Fed Chair warns of dire consequences if US defaults on debt
Federal Reserve Chairman Jerome Powell warned that a default on the US debt obligations could have highly uncertain and adverse economic consequences, stating that the Fed cannot protect the economy from such effects. Powell urged lawmakers to address the debt limit and prevent a potential short- and long-term crisis.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.