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China's Central Bank Flags Money Laundering and Fraud Concerns With Stablecoins

Slashdot.org - Mon, 12/01/2025 - 09:40
China's central bank has flagged stablecoins as a specific concern in its latest push against virtual currencies, warning that the tokens fail to meet requirements for customer identification and anti-money-laundering controls and risk being used for fraud, money laundering, and unauthorized cross-border fund transfers. The People's Bank of China released a statement Saturday following a Friday meeting on virtual currency regulation, saying crypto speculation has recently increased due to various factors and now presents new challenges for risk control. Virtual currencies do not hold the same legal status as fiat currency and cannot be used as legal tender, the bank said, adding that all virtual currency-related business activities are "illegal financial activities." China banned cryptocurrency trading in 2021. The bank said it will intensify efforts to combat illegal financial activities to maintain economic and financial stability. In October, PBOC Governor Pan Gongsheng said the central bank would closely track and evaluate the development of overseas stablecoins.

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Former CEO Blasts Intel's 'Decay': 'We Don't Know How To Engineer Anymore'

Slashdot.org - Mon, 12/01/2025 - 09:00
Pat Gelsinger, the former Intel CEO who was pushed out in late 2024 during a five-year turnaround effort, told the Financial Times that the "decay" he found when he returned to the company in 2021 was "deeper and harder than I'd realized." In the five years before his return, "not a single product was delivered on schedule," he said. "Basic disciplines" had been lost. "It's like, wow, we don't know how to engineer anymore!" Gelsinger was also unsparing about the Biden administration's implementation of the 2022 Chips Act, legislation he spent more time lobbying for than any other CEO. "Two and a half years later [and] no money is dispensed? I thought it was hideous!" There's what Gelsinger carefully calls "a touch of irony" in how things played out. Intel's board forced him out four years into a five-year plan, then picked successor Lip-Bu Tan -- who Gelsinger says is following the same broad strategy. Tan has kept Intel in the manufacturing game and delivered the 18A process node within the five years Gelsinger originally promised. Asked what went wrong, Gelsinger conceded he was "very focused on managing 'down'" and should have managed "up" more. He also would have pushed harder for more semiconductor expertise on the board, he said.

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Two Former US Congressmen Announce Fundraising for Candidates Supporting AI Regulation

Slashdot.org - Mon, 12/01/2025 - 07:34
Two former U.S. congressmen announced this week that they're launching two tax-exempt fundraising groups "to back candidates who support AI safeguards," reports The Hill, "as a counterweight to industry-backed groups." Former Representatives Chris Stewart (Republican-Utah) and Brad Carson (Democrat-Oklahoma) plan to create separate Republican and Democratic super PACs and raise $50 million to elect candidates "committed to defending the public interest against those who aim to buy their way out of sensible AI regulation," according to a press release... The pair is also launching a nonprofit called Public First to advocate for AI policy. Carson underscored that polling "shows significant public concern about AI and overwhelming voter support for guardrails that protect people from harm and mitigate major risks." Their efforts are meant to counter "anti-safeguard super PACs" that they argue are attempting to "kill commonsense guardrails around AI," the press release noted... The super PAC is reportedly targeting a Democratic congressional candidate, New York state Assemblymember Alex Bores, who co-sponsored AI legislation in the Albany statehouse. "This isn't a partisan issue — it's about whether we'll have meaningful oversight of the most powerful technology ever created," Chris Stewart says in their press release. "We've seen what happens when government fails to act on other emerging technologies. With AI, the stakes are enormous, and we can't afford to make the same missteps."

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