FameEX Morning Crypto News Recap | May 6, 2023

BNP Paribas and Bank of China Partner to Drive Adoption of Digital Yuan
BNP Paribas is partnering with Bank of China (BOC) to promote China's digital currency, the digital yuan, to its corporate clients in China. The partnership will allow BNP Paribas China's corporate clients to connect with the BOC system and manage their digital yuan wallets by linking them to their bank accounts, track transactions and make payments using China's digital currency via an e-CNY management system.

Google Engineer Expresses Concern About Open-Source AI Gaining Competitive Advantage
A senior software engineer at Google has expressed concern about the open-source community's advancements in artificial intelligence (AI) technology, stating that it poses a threat to Google's own AI development. The engineer believes that independent researchers in open-source technology are making quick and unexpected progress in AI, putting Google at risk of losing its competitive edge in the field. The critique was revealed in a leaked document.

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

French Senate Considers Allowing Influencer Promotion of Digital Assets
The French Senate is reportedly considering an amendment to a proposed ban on celebrity promotion of offerings by virtual asset service providers (VASPs). The amendment would allow firms registered with the country’s Financial Markets Authority (AMF) to be registered. The French Senate’s Committee is reviewing the amendment on Economic Affairs.

Growth of India's Automotive Blockchain Market Driven by Low Operational Costs Until 2028
The automotive blockchain market in India is predicted to grow at a significant rate between FY2024 and FY2028, driven by factors such as low operational costs, enhanced security, and demand for the technology in areas such as transportation and insurance. These factors are expected to be key drivers of growth in the market for the next five years.

US debt default could lead to 'uncertain and adverse' consequences, warns Fed Chair
Federal Reserve Chairman, Jerome Powell, has cautioned about the "highly uncertain and adverse" economic impacts if the US defaults on its debt obligations, warning that "we'd be in uncharted territory." Powell stated that the Federal Reserve cannot protect the economy from the potential short and long-term effects of a failure to pay the nation's bills on time, urging lawmakers to address the debt limit and avert a default.

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