In the rapidly evolving world of technology, artificial intelligence (AI) has become a focal point for many companies. Twitter and Alibaba have reportedly joined the global AI race by integrating the technology into their businesses. Twitter plans to use AI to “detect & highlight manipulation of public opinion,” while Alibaba is developing its own chatbot assistant called Tongyi Qianwen.
Meanwhile, the co-founders of cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss, have funded their business with a personal loan of $100 million. The move comes after previous attempts to raise capital from external investors failed. The Winklevoss brothers are funding Gemini amid regulatory scrutiny in the United States, including charges from the Securities and Exchange Commission related to the exchange’s Earn program.
In addition, MetaMask has launched a new feature that allows users to purchase cryptocurrency with fiat currency directly from its Portfolio Dapp. The service is available in over 189 countries and accepts debit and credit cards, PayPal, bank transfers, and instant ACH. MetaMask claims the service follows local regulations and takes the user’s location into account.
The integration of AI into businesses is not without controversy. Twitter CEO Elon Musk, who recently purchased nearly 10,000 graphics processing units (GPUs) for the platform, previously spearheaded a letter calling for the halt of advanced AI development due to societal concerns. However, many companies see the potential benefits of AI and are investing heavily in the technology.
In the cryptocurrency world, the Winklevoss brothers’ loan to Gemini underscores the challenges that exchanges face in a volatile market and amid regulatory scrutiny. However, the loan also highlights the dedication of entrepreneurs to build a successful business in the face of adversity.
Meanwhile, MetaMask’s new feature for purchasing cryptocurrency with fiat currency is a welcome addition for many users who find it challenging to navigate the complex world of cryptocurrency exchanges. The service’s availability in over 189 countries and its acceptance of a wide range of payment methods make it an attractive option for those looking to invest in cryptocurrency.
Finally, Alibaba’s entry into the AI race with its chatbot assistant underscores the company’s commitment to innovation and its vast ecosystem of tech businesses. As the world becomes increasingly reliant on technology, the integration of AI into businesses will likely continue to be a significant trend. However, companies must balance the potential benefits of AI with the societal concerns surrounding the technology.
Alibaba, the Chinese e-commerce giant, has announced its own version of a chatbot assistant, called Tongyi Qianwen. The new product is expected to be rolled out in the near future and will be integrated with Alibaba’s vast ecosystem of tech businesses, including the workplace messaging app, DingTalk, and the voice assistant smart speaker, Tmall Genie.
Tongyi Qianwen will be able to communicate in both English and Mandarin, and its initial task scope will include turning conversations into written notes, writing emails, and drafting business proposals. Alibaba’s new product draws comparisons to OpenAI’s ChatGPT, which was released in November 2022 and was later integrated into Microsoft’s internet browser, Bing.
Generative AI, like ChatGPT, has made global headlines due to its ability to provide sophisticated information responses in a casual chat-like manner, mimic different writing styles by command and ultimately help users create all kinds of texts, from academic research to movie scripts.
Notably, Google’s parent company, Alphabet, and Chinese tech behemoth, Baidu, have also announced their versions of AI chatbots, named Bard and Ernie, respectively.
Alibaba’s entry into the AI race with Tongyi Qianwen is significant as it further underscores the growing trend towards chatbots and AI assistants in the technology industry. However, the main intrigue surrounding Alibaba’s new product is whether Tongyi Qianwen could work on more creative tasks like its American counterpart, ChatGPT.
Moreover, Alibaba’s entry into the AI race also brings attention to the Cyberspace Administration of China’s guidelines for chatbot developers. According to article four of its guidelines, once made open for public feedback on April 11, such content should “reflect the core values of socialism, and must not contain subversion of state power.” The guidelines also require chatbot developers to ensure that AI-generated content is “accurate” and doesn’t “endanger security.”
In conclusion, Alibaba’s new product, Tongyi Qianwen, is another significant step in the AI race and highlights the growing trend towards chatbots and AI assistants in the technology industry. It will be interesting to see how Tongyi Qianwen compares to its American and Chinese counterparts in terms of functionality and creative capabilities. Additionally, as the use of AI and chatbots becomes more widespread, ensuring the accuracy and security of AI-generated content will continue to be an important issue for the technology industry and society as a whole.
Ant Group, a majority-owned fintech firm of Alibaba Group Holdings has launched ANEXT, a digital bank following a nod from the Monetary Authority of Singapore (MAS) earlier this month.
The move comes off as Ant Group’s most ambitious off-shore expansion move after its failed IPO attempts back in 2020.
ANEXT will be focused on Small and Medium Enterprises (SMEs), particularly those focused on local and regional trades. The startup has inked a 2-year partnership with Proxtera, an entity supported by MAS, the Infocomm Media Development Authority (IMDA), and the private sector entities to create an open framework for financial institutions.
“We believe it’s time to offer the next generation of financial services that are accessible and effortless for growing businesses. Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model. Financial services have to evolve and be where SMEs are doing their businesses digitally,” said Ms. Toh Su Mei, a banking veteran who will be leading ANEXT as its Chief Executive Officer.
Singapore is opening up for a whole lot of financial innovation and the penetration of Ant Group is a testament to this broad embrace.
The country’s apex bank had also previously granted digital banking licenses to Sea, a technology firm as well as ride-hailing company Grab, both of whom are expected to float their own banking services in the near term. ANEXT customers will be able to open a consumer account and this access will be enabled in the third quarter of the year.
Ant Group also has a license to serve the corporate and institutional investor group in Singapore as far back as 2020, and the emergence of ANEXT will notably complement its effortacross the board.
Digital banks are growing and while they are proliferating across continents, a number of old players like Nubank are beginning to warm up to cryptocurrencies, a move ANEXT may consider in the next few years.
Joe Tsai, the Executive Vice-Chairman of Chinese conglomerate Alibaba Group, has expressed his likeness for digital currencies in a tweet in which he professed, “I like crypto.”
While it is not uncommon to find traditional business leaders expressing affirmation for the developing world of cryptocurrencies, Joe’s declaration comes as a shock to the crypto world in part because Alibaba has no clear-cut interest in digital currencies as a company.
The growth in the digital currency ecosystem has seen many institutional investors wade into the growing ecosystem. Business intelligence and software firm MicroStrategy Incorporated is undoubtedly leading the charge in this regard, with the company holding over 122,478 bitcoins in line with its Treasury Reserve Asset (TRA) policy.
American electric vehicle company Tesla Inc also purchased as much as $1.5 billion worth of Bitcoins back in the first quarter of the year, marking a more aggressive push by corporations to take a cut of the pie. From the U.S. to China, it is gradually becoming a primary trend to have companies buy BTC. However, many of these decisions are typically not vested on the primary figurehead of the company.
This has given leverage to company executives to chart their course in terms of BTC acquisitions. A prominent example is Michael Saylor, the CEO of MicroStrategy Incorporated who has his own personal Bitcoin holdings, different from those of his company. As reported by Blockchain.News, Saylor said he holds 17,732 bitcoin, confirming that he walks the talk that Bitcoin is a less risky asset when compared to gold.
While Joe Tsai did not confirm through his tweet that he holds any digital currency, it will no longer be shocking to the world if he comes out to make this declaration. For now, there is an expectation that more mainstream business leaders and companies will make their way into the BTC ecosystem as digital assets, in general, are flashing stability across the board.
Chinese online retail giant JD.com is diving into the nonfungible token, or NFT, industry by introducing a special NFT series for its annual JD Discovery conference.
Using its proprietary blockchain platform, JD.com will be distributing commemorative NFT certificates to attendees of the JDD 2021 event in Beijing, the Chinese news agency Sina Finance reported on Wednesday.
Specifically, JD.com will issue one NFT for free to anyone who signs up for the JDD 2021 conference between Monday and Nov. 22 through the WeChat mini program on the event’s official website.
According to the report, the NFT series features a set of seven NFT models, each containing an image used to represent a different forum in the JDD event.
Users who sign up to participate will be also able to get more NFTs by inviting friends to sign up. “Each time one person is successfully invited to sign up, one NFT voucher will be added until all seven NFT models are collected,” the report reads.
The JDD 2021 conference will kick off at the China International Exhibition Center on Nov. 22 and will feature panels on artificial intelligence and tech innovation. Launched in 2017, the JDD conference has emerged as a major technology event in China, covering topics like smart cities, the digital financial industry, supply chain innovation and others.
Related:Chinese Communist Party warns of NFT hype bubble
The news comes after some major Chinese companies like retail giant Alibaba and technology conglomerate Tencent announced their own NFT projects as well. Alibaba announced the launch of an NFT marketplace in mid-August, aiming to allow trademark holders to sell tokenized licenses to their intellectual property. Tencent said previously it was planning to release its NFT trading platform.
The ecommerce giant said it would delist bitcoin mining equipment from its platforms after the renewed China ban of Bitcoin.
Chinese ecommerce giant Alibaba will delist bitcoin mining equipment offers from its platforms and prohibit their future selling after the People’s Bank of China (PBoC) issued a renewed and reinforced ban on bitcoin and cryptocurrency on September 24.
“Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin…which include but are not limited to: hardware and software used to obtain virtual currencies such as Bitcoin miners; [and] tutorials, strategies, and software for obtaining virtual currencies such as tutorials on mining,” the company said yesterday.
In addition to the strict measures to prevent customers from gaining insight into ways for acquiring BTC and other cryptocurrencies, Alibaba will close two categories of its platform, “Blockchain Miners” and “Blockchain Miner Accessories.” Merchants that attempt to sell bitcoin miners or associated products in Alibaba’s platforms will face penalties.
“For violations such as maliciously evading rules, deliberately confusing product information, intentionally placing products into improper categories, falsely exaggerating products, Alibaba.com will impose penalties according to the severity of the violations, which include but are not limited to removing or deleting products, deducting points, restricting the use of website functions, and closing accounts,” the company detailed.
Alibaba owns and operates many online platforms in China, in addition to the more prominent Aliexpress ecommerce store. Other online venues managed by the Alibaba group include Taobao, the marketplace of used goods Xianyu, and Southeast Asia’s Lazada. The new rules will apply to all the platforms owned or operated by Alibaba.
China has been attempting to ban Bitcoin since 2013, only a few years after the peer-to-peer (P2P) network was born. The constant new attempts that followed were only a demonstration of how it couldn’t do it and that it will not be able to do it going forward. Regulated entities like Alibaba and bitcoin exchange Huobi will surely step out, but P2P markets are set to thrive, similar to Nigeria. Nonetheless, the China ban is good for Bitcoin.
Chinese e-commerce giant Alibaba is the next company to wrap its cryptocurrency-related services in response to the ongoing crypto crackdown in China.
Alibaba officially announced Monday that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on Oct. 8.
In addition to stopping sales of crypto mining devices, Alibaba will impose a ban on using its platforms to sell major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), as well as smaller coins like Quark (QRK).
The new restrictions involve but are not limited to crypto mining-related hardware and software, as well as relevant tutorials, guides and strategies, the announcement notes.
Any sellers that continue listing crypto miners or relevant products on Alibaba’s platforms after Oct. 15 will face penalties under applicable rules, the firm warned in a detailed description of new restrictions. Some of the listed penalties include blocking stores, freezing and closing merchant accounts for maliciously evading the new rules like intentionally placing relevant products into other categories, Alibaba said.
The firm noted that the latest policy changes come in response to compliance issues in listing products and handling transactions.
Related:Alibaba launches NFT marketplace for copyright trading
“Members have responsibility for complying with relevant laws and regulations applicable to any country of sale. We will keep track of policy changes in each country and adjust our control policies accordingly,” the company stated. Alibaba did not immediately respond to Cointelegraph’s request for comment.
Alibaba’s move came soon after the Chinese government announced a set of new measures to combat the crypto adoption, declaring all crypto-related transactions illegal in the country on Sept. 24. In response to a renewed crypto crackdown, major crypto exchanges like Binance and Huobi subsequently halted some services in mainland China, while Sparkpool, the second-largest Ethereum mining pool in the world, announced a total shutdown of operations.
According to local sources, the Chinese government has released a series of statements denouncing the value of the non-fungible token, or NFT, market, despite two of the nation’s major tech firms pursuing the technology.
The story was first released locally by the Securities Times — a news publication service acting as a spokesperson for the official Chinese Communist Party outlet People’s Daily — and reported by the South Morning China Post.
The remarks claimed that “it is common sense that there is a huge bubble in NFT transactions”, and that most NFT buyers solely focus on the value of the assets when acquiring with a financial motive, rather than appreciating the visual qualities of the piece.
Staff reporter for the SMCP, Wang Junhui writes:
“Once market enthusiasm wanes and the hype cools, the value of these many strange NFTs will greatly decrease.”
This echoed the rhetoric of a June publication from People’s Daily in which they stated that the NFT market “can be hyped up, leading to chaos, while decentralisation may lead to security concerns”.
Earlier this year, the Chinese government delivered a crushing blow to crypto mining operations in a deliberate attempt to oust unfavored activity from its borders.
The country’s major tech players Tencent Holdings and Alibaba Group Holding have progressed with NFT-focused research and development initiatives, however, and now actively participate in the space.
Last month, Tencent launched it’s NFT trading platform Huanhe with a view to integrate NFT assets onto its music streaming platform, QQ Music.
Likewise, Alibaba’s fintech partner, Ant Group, recently listed two NFT images for sale within its wallet application Alipay.
Despite this, Chinese NFT advocates still remain restricted in their trading activities. For example, only the nation’s official currency Renminbi can be used for transactions. In addition, NFT’s cannot be resold once purchased as this would constitute a breach of the nation’s financial laws.
Chinese multinational e-commerce firm, Alibaba Group Holding, has launched a new nonfungible tokens (NFTs) marketplace allowing trademark holders to sell tokenized licenses to their intellectual property.
The new NFT marketplace, dubbed “Blockchain Digital Copyright and Asset-Trade,” can be accessed via Alibaba’s Auction platform. NFTs launched via the platform will be issued on the “New Copyright Blockchain” — a distributed ledger technology platform centrally operated by the Sichuan Blockchain Association Copyright Committee.
According to an Aug. 17 report from the Alibaba-owned news publication, South China Morning Post (SCMP), the marketplace hopes to target writers, musicians, artists, and game developers.
The marketplace is already live, hosting several NFTs that are set to be auctioned next month. Bidders must post a deposit of 500 yuan (roughly $77) to participate in auctions. Each upcoming auction has set a reserve price of $15 each.
Buyers can view their collections via crypto portfolio application, Bit Universe, which is integrated into WeChat.
Commenting on the new marketplace, SCMP reporter Josh Ye tweeted that “although the technology itself does not prevent unauthorised copying. Sales include complete ownership of works purchased through the platform.”
Many NFTs on display do not articulate what rights are afforded to purchasers, with one NFT even appearing to depict unlicensed Star Wars fan art.
Related: Musician sells rights to deepfake her voice using NFTs
While this is Alibaba’s biggest NFT announcement to date, many of the firm’s subsidiaries have are already embracing nonfungible tokens.
In July, Cointelegraph reported that Alibaba-owned e-commerce platform Taobao showcased NFTs for the first time in its annual Maker Festival celebrating Chinese art and entrepreneurship. The event hosted the sale of NFT-based real estate created by Chinese artist, Huang Heshan.
In the same month, SCMP launched an NFT project named ‘ARTIFACT’ which included tokenized historical moments reported by the publication from its 118- year-old archive, such as the handover of Hong Kong from the U.K. to China in 1997.
What is the new “China Model”? And why would that country ban an industry that made them the ultimate leaders in the most important development in recent times? The world is still scratching its head. There has to be something else to this story. Is it only control that they want? Or does China have a secret plan nobody’s been able to figure out?
We at NewsBTC have been studying the case, looking for clues, reporting on related news. After the ban, whenBitcoin’s hash rate collapsed, we posed Bitcoin Magazine’s Lucas Nuzzi’s theory that it all had to do with the Digital Yuan, China’s CBDC. Then, we found outChinese entrepreneurs are selling small hydropower stationsand wondered if decommissioning them was part of their plan. After that, the shocking reveal that China’s dominance overBitcoin mining was already waningbefore the ban raised more questions than answers.
The fine people at Bloomberg might’ve found new clues by tackling a related but different question. In the article titled “The China Model: What the Country’s Tech Crackdown Is Really About,” they pose a theory about the reasons behind their attack on Alibaba and DiDi. Two of China’s giant unicorn tech companies, also world leaders in their respective fields. Bloomberg thinks that, after following Silicon Valley’s footsteps for years, China is trying a new model.
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Do they have a case or do China’s motives remain a mystery for us westerners? Keep reading to find out.
What Does The New China Model Consists Of?
The article starts by summarizing what happened when Uber-clone DiDi and “Alibaba’s fintech offshoot, Ant Group Co.” tried to do public in the United States. The Chinese government started actions against both companies. Alibaba’s Jack Ma disappeared from the public eye as a result.
“Just because you are a highly successful tech company does not mean you are above the CCP,” says Michael Witt, a senior affiliate professor of strategy and international business at Insead in Singapore. “Ant Group and Jack Ma found that out for themselves last year, and it is surprising DiDi did not get the message.”
What does this “China Model” have to do with Bitcoin mining? Well, the Chinese government seems to be cracking down on everything huge and technological that isn’t aligned with their interests. And we in the industry know how much Bitcoin those immense mines were producing.
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“China is actually taking the lead in setting some boundaries around the power of Big Tech,” says Thomas Tsao, co-founder ofGobi Partners, a venture capital firm based in Shanghai. “People are missing the bigger picture. They’re trying a new model.”
Is Size the Problem For The Chinese Government?
As we learned whenwe analyzed the “The Death Of China’s Bitcoin Mining Industry” article, China only banned industrial Bitcoin mining. Individuals can still mine.
“Despite the government’s hardline approach, Ye is determined to carry on: “This industry is extremely volatile. High emotions and stress are involved, but that’s also its appeal. Companies are banned from mining Bitcoin, but individuals aren’t,” Ye said, adding that he plans to turn around his operation by purchasing old equipment and downsizing.”
The Chinese government was only worried about industrial-sized private mining operations. The question is why. What are they planning?
The Chinese government seems to be playing a similar game when it comes to Big Tech.
Andy Tian, who led Google China’s mobile strategy in the 2000s and is now CEO at Beijing social media startup Asian Innovations Group, says it will be “positive for innovation” and “competition in China will be fiercer than in the U.S.,” because smaller companies will benefit from policies that rein in the largest competitors.
And they’re using the country’s unique characteristics to do this fast and mercilessly.
Angela Zhang, director of Hong Kong University’s Centre for Chinese Law and the author of Chinese Antitrust Exceptionalism, says the intervention will reshape the tech industry in China faster than it could happen elsewhere. “The case against Alibaba took the Chinese antitrust authority only four months to complete, whereas it will take years for U.S. and EU regulators to go after tech firms such as Facebook, Google, and Amazon, who are ready to fight tooth and nail,” she says.
BTC price chart for 08/10/2021 on Coinbase | Source: BTC/USD on TradingView.com
What Does The New China Model Want To Achieve?
This is where Bloomberg’s case falls flat. They have no idea what the Chinese are thinking.
If China is abandoning the Silicon Valley model, what will it replace it with? Insiders suggest it will be less founder-driven and more China-centric.
Why is China dwarfing its biggest industries and players? Is the “China Model” just concerned with scale? Or is control their focus? Are they cracking down on people and companies with too much power that work on a global scale? We wouldn’t know. However, this paragraph’s facts and assumptions could provide a clue.
Xi has called the data its tech industry collects “an essential and strategic resource” and has been pushing to tap into it for years. Following a 2015 mandate, cities from Guiyang to Shanghai have set up data exchanges that facilitate the transfer of anonymized information between corporations. This could lead to a nationalized data-sharing system that serves as a kind of digital public infrastructure, putting a massive trove of data into the central government’s hands.
Is it data they’re after? Does Bitcoin’s pseudo-anonymity scare them? Is their crackdown on Big Tech even related to their crackdown on Bitcoin mining? There’s only one thing we can know for sure: China’s making big coordinated moves when it comes to tech. And they seem to have a plan. A “China Model,” if you will.
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