E-commerce and trade

Major European banks unite to develop euro-backed stablecoin

A consortium of 10 central European banks has established a new company, Qivalis, to develop and issue a euro-pegged stablecoin, targeting a launch in the second half of 2026, subject to regulatory approval.

The initiative seeks to offer a European alternative to US dollar-dominated digital payment systems and strengthen the region’s strategic autonomy in digital finance.

The participating banks include BNP Paribas, ING, UniCredit, KBC, Danske Bank, SEB, Caixabank, DekaBank, Banca Sella, and Raiffeisen Bank International, with BNP Paribas joining after the initial announcement.

Former Coinbase Germany chief executive Jan-Oliver Sell will lead Qivalis as CEO, while former NatWest chair Howard Davies has been appointed chair. The Amsterdam-based company plans to build a workforce of up to 50 employees over the next two years.

Initial use cases will focus on crypto trading, enabling fast, low-cost payments and settlements, with broader applications planned later. The project emerges as stablecoins grow rapidly, led by dollar-backed tokens, while limited € alternatives drive regulatory interest and ECB engagement.

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Oklahoma advances voluntary Bitcoin payments framework

Oklahoma lawmakers have introduced Senate Bill 2064, proposing a legal framework that allows businesses, state employees, and residents to receive payments in Bitcoin without designating it as legal tender.

The bill recognises Bitcoin as a financial instrument, aligning with constitutional limits while enabling its voluntary use across payroll, procurement, and private transactions.

Under the proposal, state employees could opt to receive wages in Bitcoin, US dollars, or a combination of both at the start of each pay period. Payments would be settled at prevailing market rates and deposited into either self-hosted wallets or approved custodial accounts.

Vendors contracting with the state could also choose Bitcoin on a per-transaction basis, while crypto-native firms would benefit from reduced regulatory friction.

The legislation instructs the State Treasurer to appoint a payment processor and develop operational rules, with contracts targeted for completion by early 2027.

If approved, the framework would take effect in November 2026, positioning Oklahoma among a small group of US states exploring direct Bitcoin integration into public finance, alongside initiatives already launched in Texas and New Hampshire.

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TikTok restructures operations for US market

TikTok has finalised a deal allowing the app to continue operating in America by separating its US business from its global operations. The agreement follows years of political pressure in the US over national security concerns.

Under the arrangement, a new entity will manage TikTok’s US operations, with user data and algorithms handled inside the US. The recommendation algorithm has been licensed and will now be trained only on US user data to meet American regulatory requirements.

Ownership of TikTok’s US business is shared among American and international investors, while China-based ByteDance retains a minority stake. Oracle will oversee data security and cloud infrastructure for users in the US.

Analysts say the changes could alter how the app functions for the roughly 200 million users in the US. Questions remain over whether a US-trained algorithm will perform as effectively as the global version.

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EU cyber rules target global tech dependence

The European Union has proposed new cybersecurity rules aimed at reducing reliance on high-risk technology suppliers, particularly from China. In the European Union, policymakers argue existing voluntary measures failed to curb dependence on vendors such as Huawei and ZTE.

The proposal would introduce binding obligations for telecom operators across the European Union to phase out Chinese equipment. At the same time, officials have warned that reliance on US cloud and satellite services also poses security risks for Europe.

Despite increased funding and expanded certification plans, divisions remain within the European Union. Countries including Germany and France support stricter sovereignty rules, while others favour continued partnerships with US technology firms.

Analysts say the lack of consensus in the European Union could weaken the impact of the reforms. Without clear enforcement and investment in European alternatives, Europe may struggle to reduce dependence on both China and the US.

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Humanoid robots and AI take centre stage as Musk joins Davos 2026

Elon Musk made his first appearance at the World Economic Forum in Davos despite years of public criticism towards the gathering, arguing that AI and robotics represent the only realistic route to global abundance.

Speaking alongside BlackRock chief executive Larry Fink, Musk framed robotics as a civilisational shift rather than a niche innovation, claiming widespread automation will raise living standards and reshape economic growth.

Musk predicted a future where robots outnumber humans, with humanoid systems embedded across industry, healthcare and domestic life.

He highlighted elder care as a key use case in ageing societies facing labour shortages, suggesting that robotics could compensate for demographic decline rather than relying solely on migration or extended working lives.

Tesla’s Optimus humanoid robots are already performing simple factory tasks, with more complex functions expected within a year.

Musk indicated public sales could begin by 2027 once reliability thresholds are met. He also argued autonomous driving is largely resolved, pointing to expanding robotaxi deployments in the US and imminent regulatory decisions in Europe and China.

The global market for humanoid robotics remains relatively small, but analysts expect rapid expansion as AI capabilities improve and costs fall.

Musk at Davos 2026 presented robotics as an engine for economic acceleration, suggesting ubiquitous automation could unlock productivity gains on a scale comparable to past industrial revolutions.

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OpenAI ads in ChatGPT signal a shift in conversational advertising

The AI firm, OpenAI, plans to introduce advertising within ChatGPT for logged-in adult users, marking a structural shift in how brands engage audiences through conversational interfaces.

Ads would be clearly labelled and positioned alongside responses, aiming to replace interruption-driven formats with context-aware brand suggestions delivered during moments of active user intent.

Industry executives describe conversational AI advertising as a shift from exposure to earned presence, in which brands must provide clarity or utility to justify inclusion.

Experts warn that trust remains fragile, as AI recommendations carry the weight of personal consultation, and undisclosed commercial influence could prompt rapid user disengagement instead of passive ad avoidance.

Regulators and marketers alike highlight risks linked to dark patterns, algorithmic framing and subtle manipulation within AI-mediated conversations.

As conversational systems begin to shape discovery and decision-making, media planning is expected to shift toward intent-led engagement, authority-building, and transparency, reshaping digital advertising economics beyond search rankings and impression-based buying.

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Greece selected for Binance’s EU crypto approval

Binance has applied for a pan-European MiCA licence in Greece, positioning the country as a key regulatory gateway into the EU. The MiCA framework harmonises oversight across member states, enabling licensed firms to operate EU-wide under a single approval.

Contrary to expectations that Malta or Latvia would host the filing, the exchange selected Athens, where it has already established a holding company. The Hellenic Capital Market Commission is reportedly fast-tracking the review with support from leading accounting firms.

Company representatives said the MiCA regime offers legal clarity, regulatory certainty, and a framework that supports responsible innovation. Approval could lead to Binance expanding its corporate presence in Greece, including the opening of new offices and local staffing.

Regulatory urgency is intensifying as the July deadline approaches, particularly for firms operating across multiple EU jurisdictions. A successful application would strengthen Binance’s European strategy, expanding market access and reinforcing regulatory compliance.

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Ransomware attack on Under Armour leads to massive customer data exposure

Under Armour is facing growing scrutiny following the publication of customer data linked to a ransomware attack disclosed in late 2025.

According to breach verification platform Have I Been Pwned, a dataset associated with the incident appeared on a hacking forum in January, exposing information tied to tens of millions of customers.

The leaked material reportedly includes 72 million email addresses alongside names, dates of birth, location details and purchase histories. Security analysts warn that such datasets pose risks that extend far beyond immediate exposure, particularly when personal identifiers and behavioural data are combined.

Experts note that verified customer information linked to a recognised brand can enable compelling phishing and fraud campaigns powered by AI tools.

Messages referencing real transactions or purchase behaviour can blur the boundary between legitimate communication and malicious activity, increasing the likelihood of delayed victimisation.

The incident has also led to legal action against Under Armour, with plaintiffs alleging failures in safeguarding sensitive customer information. The case highlights how modern data breaches increasingly generate long-term consequences rather than immediate technical disruption.

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Why AI systems privilege Western perspectives: ‘The Silicon Gaze’

A new study from the University of Oxford argues that large language models reproduce a distinctly Western hierarchy when asked to evaluate countries, reinforcing long-standing global inequalities through automated judgment.

Analysing more than 20 million English-language responses from ChatGPT’s 4o-mini model, researchers found consistent favouring of wealthy Western nations across subjective comparisons such as intelligence, happiness, creativity, and innovation.

Low-income countries, particularly across Africa, were systematically placed at the bottom of rankings, while Western Europe, the US, and parts of East Asia dominated positive assessments.

According to the study, generative models rely heavily on data availability and dominant narratives, leading to flattened representations that recycle familiar stereotypes instead of reflecting social complexity or cultural diversity.

The researchers describe the phenomenon as the ‘silicon gaze’, a worldview shaped by the priorities of platform owners, developers, and historically uneven training data.

Because large language models are trained on material produced within centuries of structural exclusion, bias emerges not as a malfunction but as an embedded feature of contemporary AI systems.

The findings intensify global debates around AI governance, accountability, and cultural representation, particularly as such systems increasingly influence healthcare, employment screening, education, and public decision-making.

While models are continuously updated, the study underlines the limits of technical mitigation without broader political, regulatory, and epistemic interventions.

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How Microsoft is shaping UN reform through digital infrastructure

Microsoft has announced a multi-year pledge to support the United Nations’ UN80 reform initiative, positioning AI and digital infrastructure as central tools for modernising multilateral governance.

The commitment follows agreement among all UN member states on efficiency and financial-stability measures, as the organisation faces growing operational demands amid constrained resources.

The initiative includes a dedicated innovation fund, preferential pricing for digital services, and free AI training for UN staff across agencies and missions.

Rather than focusing on policy direction, Microsoft frames its role as enabling institutional capacity, from procurement and logistics to humanitarian response and development planning, while encouraging other private-sector actors to align behind UN80 priorities.

Microsoft also plans to mobilise partners such as EY to support reform efforts, reinforcing a model where large technology firms contribute expertise, infrastructure, and coordination capacity to global governance systems.

Previous collaborations with UNICEF, UNHCR, ITU, and the ILO are cited as evidence that AI-driven tools can accelerate service delivery at scale.

The pledge highlights how multilateral reform increasingly depends on private technological ecosystems instead of purely intergovernmental solutions.

As AI becomes embedded in the core operations of international institutions, questions around accountability, influence, and long-term dependency are likely to shape debates about the future balance between public authority and corporate power.

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