The Supreme People’s Court has issued a tender to list judicial research topics for this year. It consists of three categories: judicial issues related to the digital economy, disposal of virtual currency cases, and judicial responses to disputes involving AI, or artificial intelligence. Every winning project team will receive funding support. Each special funding topic receives 150 thousand yuan, while major key funding topics receive 50 thousand yuan and youth topics receive 30 thousand yuan.
The decision comes at a time when concepts like cryptocurrency and AI are gaining traction all over the world. More details are awaited, however it is safe to conclude that China is taking at least some efforts in this field. The most recent report indicated that the use of bitcoin is prohibited in China.
What’s happening now in the sphere of cryptocurrency is rather more interesting. For starters, flagship tokens—BTC and ETH—are again down in the market. The last recorded price of Bitcoin tokens was around $59,000, while the price of Ether was around $2,400. Holders might see this as a loss, but potential investors see this as an opportunity to get on board or further diversify their digital portfolios. Buying dips is not a new concept in the crypto market, and this could be another argument for them.
Next, Jerome Powell, the Chair of the Federal Reserve, announced recently that they are looking to cut rates by 25 bps in September. That will facilitate a price surge, as more investors will inject liquidity into the ecosystem. Hence, a drop in the price makes sense in digital tokens.
Finally, Nvidia has garnered significant attention due to reports of its employees becoming multi-millionaires. The company is essentially riding the AI boom while also facilitating the growth of AI tokens and others in the ecosystem. All in all, the crypto industry is poised to grow in the times to come, and technologies like blockchain and AI could be the future. This creates a chance for every country to consider, or re-consider, their stand on innovative offerings.
The Supreme People’s Court listing of categories and support for projects is a significant step forward, demonstrating the region’s interest in this field. If not today, then tomorrow it could look to lead the global market. It only makes sense to have fundamentals in place in one way or another.
That said, the world of innovation is not as bright as it looks. A cautionary measure is the need of the hour. The arrest of Pavel Durov, the CEO of Telegram, has raised many questions, one of which is whether to hold chiefs responsible for everything or even curb free speech, according to select experts from the industry.
Numerous opinions are floating around regarding the advancement of the concept of virtual currency. The Supreme People’s Court listing of key topics demonstrates a two-way willingness to explore the uncharted territory of innovation.
