China Doubles Down on AI Leadership, Leaves Crypto Behind

Chinese President Xi Jinping made his first-ever keynote speech at the World Artificial Intelligence Conference in Shanghai, signaling Beijing's commitment to leading the AI race. The conference, which took place from July 17 to 20 under the theme 'Intelligent Partners, Co-create the Future,' doubled as a High-Level Meeting on Global AI Governance.

The day before Xi's keynote, representatives from 29 countries signed a pact to establish a global AI cooperation body. This move directly serves China's goal of promoting AI as an 'international public good' and positioning itself as the convener rather than a participant following someone else's standards.

What was notably absent from the conference and Xi's keynote speech was any mention of cryptocurrencies, blockchain technology, or digital tokens. This is significant given China's hostile stance on crypto since the 2021 bans, which effectively outlawed cryptocurrency trading and mining.