Tag: Task Force

UK to Invest in AI Task Force

by Blockchain News

The United Kingdom is making significant investments in the development of its technology sector. UK officials recently announced the formation of an AI task force that will receive an initial funding of £100 million to accelerate the country’s readiness for the adoption of artificial intelligence. This task force will prioritize public services and aim to ensure that safe and reliable foundation models for AI use are established.

UK Prime Minister Rishi Sunak expressed his belief in the opportunities that AI presents for economic growth, advancements in healthcare, and security. He stated that by investing in emerging technologies through the task force, the UK can continue to lead the way in developing safe and trustworthy AI and shaping a more innovative economy.

The task force is set to focus on ensuring sovereign capabilities, including public services, and fostering broad adoption of safe and reliable foundation models. The UK has committed to becoming a science and technology superpower by 2030, and this task force’s work will contribute to achieving this goal. The first pilots of AI usage and integration will target public services and are expected to launch in the next six months.

The UK government has already invested £900 million into computing technology, highlighting its commitment to developing its technology sector. Officials in the UK are simultaneously pushing for “safe AI,” which means regulating the technology to keep people safe while promoting innovation.

The country’s science, innovation, and technology secretary, Michelle Donelan, expressed her belief that AI can transform every industry if developed responsibly. She said that this development would ensure that the public and businesses have the trust they need to confidently adopt this technology and realize its benefits fully.

This announcement comes shortly after the UK Treasury announced the revival of its Asset Management Taskforce, which will focus on developing crypto regulation. Coinbase CEO Brian Armstrong will help advise regulators on law and taxation between banks and the fintech industry.

In conclusion, the UK’s investment in the AI task force represents a significant step towards establishing the country as a leader in AI technology. By prioritizing public services and establishing safe and reliable foundation models for AI use, the UK is paving the way for innovation while keeping people safe.

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China and Singapore establish task force for green finance cooperation

by Blockchain News

China and Singapore have joined forces to establish a task force aimed at deepening bilateral cooperation in green and transition finance. The Monetary Authority of Singapore (MAS) announced the collaboration with the People’s Bank of China (PBC) in creating the China-Singapore Green Finance Taskforce (GFTF). The two major Asian economies seek to develop a set of financial standards, products, technologies, and definitions to support a low-carbon future in the region.

The GFTF will facilitate greater public-private sector collaboration and create concrete initiatives to catalyze capital flows to support a credible and inclusive transition to a low carbon future for both countries and the region. Public-private participants from China and Singapore will work together to co-develop the necessary initiatives. According to Gillian Tan, the assistant managing director and chief sustainability officer of MAS, this collaboration is vital in ensuring that both countries’ financial sectors remain sustainable in the long term.

Initially, the GFTF will focus on finding common ground for taxonomies and definitions regarding each other’s existing transition activities. The task force will also strengthen sustainability bond market connectivity, which includes two-way access to green and transition bond products. MAS and PBC will collaborate on this initiative to ensure that sustainable finance adoption is more widely accepted and accessible to all stakeholders in the region.

The GFTF’s technology initiative will involve MetaVerse Green Exchange, a licensed crypto exchange from Singapore, and Beijing Green Exchange, a Beijing municipal government-approved company. The two companies will help facilitate sustainable finance adoption and pilot digital green bonds with carbon credits. This initiative aims to promote sustainable finance adoption by providing more accessible and user-friendly digital platforms for investors and other stakeholders.

Chinese banks are reportedly opening bank accounts for regulated crypto companies, with several acting as a payment layer for the crypto platforms. The state-owned Bank of Communications is in talks to open accounts for regulated companies. Additionally, Hong Kong’s largest virtual bank, ZA Bank, will act as the settlement bank for crypto companies, according to a report by the Wall Street Journal. This initiative aims to provide more opportunities for crypto companies to access the necessary funding for their operations while ensuring that the financial system remains safe and stable.

In conclusion, the China-Singapore Green Finance Taskforce (GFTF) is a significant step towards greater collaboration in green and transition finance initiatives in the region. The task force’s focus on developing financial standards, products, technologies, and definitions will enable the region to make significant strides towards a low-carbon future. The involvement of public and private participants from China and Singapore is vital in ensuring that the region’s financial sector remains sustainable in the long term. Additionally, the GFTF’s technology initiative involving MetaVerse Green Exchange and Beijing Green Exchange aims to promote sustainable finance adoption by providing more accessible and user-friendly digital platforms for investors and other stakeholders.

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Ransomware task force calls for aggressive Bitcoin transaction tracing measures

by Cointelegraph

Government and industry have teamed up to fight a major increase in ransomware, with a newly formed ransomware task force calling for new measures to more aggressively trace Bitcoin and crypto capital flows.

The task force includes law enforcement including FBI and U.S. Secret Service agents working alongside representatives of leading security and tech firms.

According to an April 29 report from Reuters citing anonymous sources from the Department of Justice’s task force, the group is calling for new guidelines designed to cut through the anonymity of digital asset transfers that will soon be reviewed by Congress.

The proposed measures includes tightened KYC requirements for crypto asset exchanges, expanded licensing requirements for entities operating with cryptocurrencies, and extending anti-money laundering laws to better canvas the operations of crypto conversion kiosks and ATMs.

The group is also supporting the Financial Crimes Enforcement Network’s push to increase the reporting requirements for transactions valued at more than $10,000.

One Homeland Security official said the proposed guidelines would also be “huge” for law enforcement efforts to comb narcotics traffickers, human smugglers, and other actors engaging in illicit activities under the cover of crypto-pseudonymity.

“This is a world that was created exactly to be anonymous, but at some point, you have to give up something to make sure everyone’s safe,” he said.

The proposed rules seek to respond to a record year for ransomware attacks, with the task force estimating ransomware syndicates collected close to $350 million during 2020 — up 200% from the previous year. The lion’s share of profits were accumulated through targeting government agencies, hospitals, educational institutions, and private companies.

The task force also noted evidence suggesting many ransomware operators have friendly relations with North Korea, Russia, and other nation-states whose interests appear to oppose those of the United States.

In announcing the team last week, Acting Deputy Attorney General, John Carlin, wrote: “Although the Department has taken significant steps to address cyber crime, it is imperative that we bring the full authorities and resources of the Department to bear to confront the many dimensions and root causes of this threat.”