Societe Generale has partnered with Bitpanda to integrate crypto and stablecoins into the global financial system. The collaboration focuses on the mainstream adoption of Societe Generale-FORGE’s euro-denominated stablecoin, EUR CoinVertible (EURCV). The partnership is seen as a pivotal move towards establishing stablecoins as an essential element in modern finance, according to Jean-Mark Stenger, CEO of Societe Generale-FORGE.
As the Markets in Crypto-Assets (MiCA) bill prepares for full implementation on 30th December, both companies aim to position EURCV as a regulated, reliable digital currency for European users. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, highlighted that regulated stablecoins will serve as a crucial link between traditional finance and the burgeoning crypto landscape.
Stablecoins play a vital role in facilitating access to digital assets, with the new EURCV set to be listed on the Bitpanda trading platform. With Societe Generale being one of the largest banking groups globally, holding over $1.7 trillion in assets, this partnership marks a significant step towards the evolving relationship between traditional finance and cryptocurrencies.
As the MiCA bill aims to establish a comprehensive regulatory framework for the crypto industry in the European Union, experts acknowledge that its success may depend on overcoming technical complexities and fostering international cooperation.
Bank of Canada Governor Tiff Macklem has said that businesses adopting AI could create short-term inflationary pressures by increasing demand. Speaking at an AI conference in Toronto, he noted that while AI-driven productivity growth may benefit the economy in the long run, its immediate effects could add to inflation.
Macklem pointed to rising electricity demand from new data centres as an example of AI’s economic impact. He emphasised that central bankers are working to understand how AI will affect the economy, inflation, and employment. Despite concerns, there is no current evidence that AI displaces labour at a level that would significantly impact overall employment rates.
The Bank of Canada has begun using AI to improve economic forecasting, data analysis, and efficiency, though its application is still in the early stages. Macklem compared the central bank’s cautious approach to AI to cautiously entering a dark room, feeling the way forward before making decisions.
Canada has also introduced a Voluntary Code of Conduct for the responsible development of generative AI systems. Macklem underlined that while AI offers potential benefits, it brings challenges and uncertainties that require careful management by policymakers.
In a crucial court case, Coinbase, the largest US cryptocurrency exchange, confronted the Securities and Exchange Commission (SEC) in Philadelphia. The exchange is calling on the SEC to create new regulations for digital assets stemming from a lawsuit over the agency’s failure to address a 2022 petition. The petition aimed to clarify when a digital asset is deemed a security and suggested a new regulatory framework specifically designed for the cryptocurrency sector.
The SEC rejected Coinbase’s request in December 2023, asserting that current regulations are adequate for the cryptocurrency sector. Coinbase’s attorney argued that the SEC’s refusal to clarify registration processes has hindered the exchange’s ability to operate within US laws. In contrast, an SEC lawyer maintained that the agency is not obligated to create new rules, suggesting that businesses like Coinbase must adapt to the existing regulatory framework.
This legal dispute highlights an ongoing tension between the cryptocurrency industry and the SEC, which asserts that many crypto tokens qualify as securities and fall under its jurisdiction. The crypto sector largely views itself as existing in a regulatory grey area, pushing for new legislation to provide more precise guidelines for managing digital assets. This ongoing struggle underscores the need for a cohesive framework that addresses the unique challenges of the rapidly evolving crypto market.
As the appeals court considers both sides, the outcome could have significant implications for how cryptocurrencies are regulated in the United States, potentially shaping the industry’s future.
During a visit to Washington, Netherlands’ economy minister Dirk Beljaarts emphasised the significance of China as a trading partner. They advocated for the semiconductor equipment maker ASML to operate with maximum freedom. His discussions with US Deputy Secretary of Commerce Don Graves were focused on enhancing bilateral trade rather than addressing export restrictions, which are not under his jurisdiction.
Beljaarts’ visit comes amid anticipation of expanded US export rules affecting semiconductor sales to China. ASML, a leading supplier to chip manufacturers, recently faced new export license requirements imposed by the Dutch government, influenced by US pressure.
While the US is a crucial ally of the Netherlands, Beljaarts highlighted that ASML’s main markets are in Taiwan, China, and South Korea. He stressed the need to maintain balanced trade relationships, arguing that ‘We have our economy to uphold,’ and expressed pride in ASML as a vital asset for the Dutch economy.
The iPhone 16 series officially launches globally today, with Apple expanding production beyond China and India to include Brazil, where Foxconn is assembling the new model. This is the first time an Apple product is produced in South America at launch, helping the company avoid Brazil’s high import tariffs and mitigate potential supply chain disruptions.
Brazilian regulatory filings confirm that Foxconn’s factory in Jundiaí, São Paulo, is now mass-producing the basic iPhone 16 model. While the plant has previously assembled older iPhone models, this is the first time it is included in the launch lineup for a new release, although it will not produce the higher-end Pro variants.
Previous iPhone models, including the iPhone 14 and iPhone 15, were assembled in Brazil after their initial production in China. In contrast, the iPhone 16 is being produced in Brazil much earlier in the release cycle, highlighting Apple’s strategy to diversify its supply chain and reduce dependence on China. The Brazilian facility is currently focused on the base model, as entry-level iPhones tend to be more popular in the region.
This year also marks a significant milestone for Apple as it launches India-made iPhone 16 Pro and Pro Max models, showcasing the expanding manufacturing capabilities in India.
Two leading chip manufacturers, TSMC and Samsung Electronics, are exploring the establishment of chip factories in the United Arab Emirates. Reports suggest these projects could surpass $100 billion in value, indicating significant investment in the region’s technology sector.
Executives from TSMC have made recent visits to the UAE, discussing plans for a facility comparable to their advanced plants in Taiwan. Meanwhile, Samsung is also assessing opportunities for major chip-making operations in the country, though these talks remain in preliminary stages.
Funding for these ambitious projects may largely come from the UAE, with Abu Dhabi’s Mubadala playing a crucial role. The overarching aim is to boost global chip production while maintaining the profitability of manufacturers.
As tech ventures in the Middle East accelerate, concerns in Washington grow regarding the potential transfer of advanced US technology to China via the UAE and other regional partners.
Xiaomi has urged India’s competition authority to recall an antitrust report concerning Walmart’s Flipkart. The Chinese smartphone maker claims the document contains confidential business information, which should have been redacted. The move could slow the ongoing investigation that began in 2021.
The Competition Commission of India (CCI) has previously responded to similar concerns, such as with Apple, leading to the recall of an antitrust report. Xiaomi is concerned that sensitive data, like model-specific sales figures, was shared without proper redaction, potentially harming its business.
The CCI report also found that e-commerce platforms, such as Amazon and Flipkart, gave preferential treatment to certain sellers, launching exclusive products from companies like Xiaomi. The commission has asked involved parties to return the report, allowing it to be reviewed again for necessary redactions.
Xiaomi’s concern with the report focuses on Flipkart’s involvement, while its dealings with Amazon remain unaffected. The CCI’s broader investigation includes various smartphone companies, with Samsung, Vivo, and Motorola also named for participating in exclusive online product launches.
A recent survey by Deutsche Bank reveals that cash is likely to remain a staple for consumers, despite the global interest in Central Bank Digital Currencies (CBDCs). The survey, which gathered responses from 4,850 individuals across Europe, the UK, and the US, found that 59% of participants believe cash will always be relevant. Additionally, 44% of respondents prefer using cash over CBDCs, while only 16% think digital currencies will become mainstream.
The report highlights that although the COVID-19 pandemic accelerated the shift towards digital payments—especially among Gen Z—many consumers remain hesitant about CBDCs. Privacy concerns significantly influence this reluctance, with respondents in the US favouring cryptocurrencies for better privacy than government-backed options. In fact, 21% expressed a preference for private cryptocurrencies like Bitcoin, while many Europeans preferred the anonymity that cash provides.
The skepticism surrounding CBDCs is evident in Canada, where a Bank of Canada report indicated that 86% of Canadians oppose the idea, with 92% still preferring cash over a potential digital Canadian dollar. As central banks continue to explore CBDC applications, user confidence remains a key barrier to widespread adoption.
The European Commission is taking significant steps to ensure Apple aligns its practices with the Digital Markets Act (DMA). That initiative involves specifying the actions Apple must undertake to enhance interoperability with other products, marking a pivotal moment as it represents the first formal use of this DMA tool to engage with the tech giant.
The move reflects the Commission’s commitment to fostering a competitive digital market within the EU, particularly in light of ongoing discussions regarding Apple’s role in this landscape. To this end, the Commission has initiated two key proceedings focused on interoperability issues concerning Apple’s iOS operating system.
The first aims to simplify the connection process for non-Apple devices, such as smartwatches and headphones, enabling them to work seamlessly with iPhones and iPads. That includes enhancing features like Bluetooth pairing and notifications. The second proceeding examines how Apple interacts with developers seeking interoperability, aiming to establish a fair and efficient process that encourages innovation while addressing potential privacy and security concerns.
The European Commission has established a clear timeline for these proceedings, setting a six-month deadline for investigations into Apple’s compliance with the DMA. Should Apple fail to meet the specified requirements, the Commission may impose fines or restrictions on the company’s operations in certain regions or technology sectors. Moreover, it follows a previous mandate requiring Apple to address competition concerns related to access to near-field communication (NFC) technology for contactless payments, highlighting the company’s ongoing scrutiny.
Chinese multinational technology company, Alibaba, has intensified its push into the generative AI space by releasing new open-source AI models and text-to-video technology. The Chinese tech giant’s latest models, part of its Qwen 2.5 family, range from 0.5 to 72 billion parameters, covering fields like mathematics, coding, and supporting over 29 languages.
This marks Alibaba’s shift towards a hybrid approach, combining both open-source and proprietary AI developments, as it competes with rivals such as Baidu and OpenAI, which favor closed-source models. The newly introduced text-to-video model, part of the Tongyi Wanxiang family, positions Alibaba as a key player in the rapidly growing AI-driven content creation market.
The company’s new AI offerings aim to serve a wide range of industries, from automotive and gaming to scientific research, solidifying its role in shaping the future of AI across various sectors.
