FameEX Morning Crypto News Recap | May 9, 2023

China's State-Backed AI Firm Debuts Chatbot Service to Challenge ChatGPT
iFlytek, a Chinese tech company, showcased its new AI system named "Spark Model" at a tech event in Hefei, stating that it will outperform ChatGPT by the end of this year. The system's capabilities were demonstrated at the event, attracting significant attention in the industry.

Liechtenstein's Prime Minister to Introduce Bitcoin Payment Option Soon
Liechtenstein's Prime Minister, Daniel Risch, has revealed plans to accept Bitcoin as a payment option for state services. He shared in an interview with Handelsblatt, a German business newspaper, that this move aims to provide citizens with more options and convenience for transactions. Liechtenstein has already positioned itself as a crypto-friendly country, with blockchain technology being integrated into its regulatory framework.

SEC Levies $3.9 Million Fine on Crypto ATM Company for Selling Unregistered Tokens
A crypto ATM operator in the US has settled with the Securities and Exchange Commission (SEC) over allegations of selling unregistered tokens to expand its Bitcoin ATM network. The operator is said to have raised around $3.65m in cryptocurrency assets during the initial coin offering, for which it has agreed to pay $3.9m in penalties. The operator has also committed to registering the tokens as securities with the SEC.

US Presidential Candidates Compete for Support from the Cryptocurrency Community
As cryptocurrencies gain more popularity, US presidential candidates are seeking ways to attract voters who have invested in digital assets. The growing number of Americans investing in crypto has prompted politicians to cater to this demographic. As a result, the political landscape is changing to address this new wave of interest.

Bank of Canada Launches Public Consultation to Gather Feedback on Digital Currency
The Bank of Canada has initiated a public consultation process to gather feedback on the features to be included in a potential digital currency. Unlike cryptocurrencies, the central bank's digital currency will be backed by it and have a fixed value. The bank has invited Canadians to share their views on the design, privacy, accessibility, and security features of the proposed digital currency.

Stricter Regulations Cause 80% Decline in Business for Estonia's Crypto Firms
Due to the strict enforcement of Estonia's 2022 crypto law that mandates companies to maintain significant capital reserves and establish a legitimate connection with the country, registered cryptocurrency firms in Estonia have declined by 80%. Estonia's money-laundering regulator, the Financial Intelligence Unit, stated that around 200 licenses were withdrawn by companies while the same number were rejected by the authority.

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