UK pledges nearly $125M to create “safe AI” taskforce

The United Kingdom is buckling down on its efforts to ramp up the country’s technology sector. Officials released an announcement for funding of a new artificial intelligence (AI) task force. 

According to the announcement on April 25, the U.K. Prime Minister and Technology Secretary will be doling out $ 124.8 million (£100 million) in initial start-up funding to support a task force that will accelerate the country’s AI readiness.

The Prime Minister Rishi Sunak commented that AI provides many opportunities for economic growth and advancements in healthcare and security.

“By investing in emerging technologies through our new expert taskforce, we can continue to lead the way in developing safe and trustworthy AI as part of shaping a more innovative UK economy.”

The task force is set to “ensure sovereign capabilities” which include public services, along with fostering broad adoption of “safe and reliable foundation models.” This coincides with the UK’s commitment to becoming a science and technology superpower by the year 2030.

According to the announcement the first pilots of AI usage and integration will target public services and are expected to launch in the next upcoming six months. Legislators in the U.K. have already designed an investment of $1.1 billion (£900 million) into compute technology.

Related: UK uses Love Island star to warn finfluencers on crypto and investment schemes

Officials in the U.K are simultaneously pushing for “safe AI” which means regulating the technology to “keep people safe” without limiting innovation. 

Michelle Donelan the country’s Science, Innovation and Technology Secretary commented that if “developed responsibly” AI can transform every industry.

“This will ensure that the public and business have the trust they need to confidently adopt this technology and fully realize its benefits.”

This development comes shortly after the U.K. Treasury decided to resurrect its Asset Management Taskforce with a renewed focus on developing crypto regulation. The new entailed that Brian Armstrong, the CEO of Coinbase, would help advise regulators on law and taxation between banks and the FinTech industry. 

Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?

All Dutch and English crypto news!

Tether announces wallet-freezing policy for OFAC-sanctioned persons

Tether is expanding control sanctions to the secondary market in an effort to cooperate with regulators in the United States. News Join us on social networks Stablecoin issuer...

Lifinity USDC pool drained by arbitrage bot

A bug on an Immediate-or-Cancel order led to the drainage of nearly $700,000 from Lifnity's LFNTY-USDC pool. News Join us on social networks Decentralized exchange (DEX) Lifinity had...

Crypto analyse: Bitcoin bijna aangekomen bij weerstand, gaat de koers hier ook doorheen?

Bitcoin gaat deze week zeer waarschijnlijk groen afsluiten. De munt staat al 10% hoger dan de koers van maandag, en er is nog maar één...

Solana (SOL) holds firm as a new cryptocurrency is emerging as an analysts’ darling

Solana (SOL) registered impressive growth in the decentralized finance ecosystem, marked by increased total value locked and price. Despite this positive outlook, investors are attracted...

Beste exchanges

Koop je crypto bij Bitvavo