Top tech news: EU privacy regulators are attracted by Italy’s ChatGPT ban. The ED is looking into several cases of cryptocurrency and digital currency fraud.

Other European nations have been inspired by Italy's decision to ban ChatGPT temporarily. Read more tech news.

Good morning tech fam, here are some quick tech updates for you to catch on to!

What's New Today: McDonald's Joins the Virtual Layoff Trend, Putting Employees at Risk.

Fast-Track Insights: The ED is looking into several cryptocurrency and digital currency fraud cases.

Other European nations have been inspired by Italy's decision to temporarily ban ChatGPT to investigate whether or not they should coordinate their efforts to rein in the wildly popular chatbot. Some regulators are finding that existing tools, such as the General Data Protection Regulation (GDPR), which gives users control over their personal information, can apply to the rapidly emerging category of generative AI companies. However, European parliamentarians disagree over the EU AI Act's content and scope. Generative AI, like OpenAI's ChatGPT, uses algorithms to analyze large amounts of data, some of which may belong to internet users, to produce remarkably human responses to text queries.

The latest company to ask employees to work from home during layoffs is McDonald's Corp., which has drawn criticism from employees of other businesses and management experts. A person who is familiar with the plans of the fast-food chain claims that the company instructed corporate employees to work remotely from Monday to Wednesday to maintain confidentiality while it eliminated hundreds of jobs. The individual, who requested anonymity to discuss confidential information, stated that the decision was made out of respect for those who were affected. This week, the person said, McDonald's is talking to all of its corporate employees, not just those who are being fired, and the Chicago-based company is moving more people into new or higher positions than it is firing.

AI systems are typically used to predict future outcomes by analyzing large amounts of labeled training data to identify patterns and correlations. Today, machine learning is the primary method for developing AI systems. Artificial intelligence is generally regarded as a supplement to, rather than a replacement for, human intelligence and ingenuity. The AI trend in 2023 has been the acceleration of AI applications in business to improve and automate processes and workspaces. In recent years, there are several different advancements in business technology. None of the previous innovations have been as progressive or disruptive as artificial intelligence. Read more

Parliament was informed on Monday that the Enforcement Directorate is looking into several cases of cryptocurrency/virtual digital currency fraud in which a few crypto exchanges have also been found to be involved in money laundering. Pankaj Chaudhary, Minister of State for Finance, stated in a written response to the Lok Sabha that virtual digital assets have the potential to be misused by criminals. He stated, "Directorate of Enforcement is investigating several cases related to cryptocurrency currency/virtual digital currency frauds in which a few crypto exchanges have also been found to be involved in money laundering."