On Monday, the Payment & Clearing Association of China issued a warning against the use of artificial intelligence tools like Microsoft-backed OpenAI's ChatGPT, citing concerns such as cross-border data leaks. The association is overseen by China's central bank.
In a statement, the association advised payment industry personnel to adhere to laws and regulations when using tools like ChatGPT and to avoid uploading sensitive information related to the country and the financial sector.
Although OpenAI has restricted access to its AI-powered chatbot in China, the technology has garnered significant attention within the country. Businesses are rushing to incorporate the technology into their products and develop competing solutions.
Despite the inability for residents in China to create OpenAI accounts, some individuals are circumventing these restrictions through the use of virtual private networks and foreign phone numbers, allowing them access to the chatbot.
Italy has temporarily prohibited the use of ChatGPT and initiated an investigation into potential privacy rule violations. Authorities in several European countries are considering whether additional measures should be implemented.
The enthusiasm surrounding the chatbot in China has contributed to a surge in tech, media, and telecom (TMT) stocks, prompting analysts to warn of potential bubble risks.
On Monday, Economic Daily, a Chinese state media outlet, published a commentary urging regulators to increase supervision and clamp down on speculation in the sector.
Chinese stocks in the computer (.CSI930651), media (.CSI399971), and communications equipment (.CSI931160) sectors experienced declines ranging from 3.4% to 5.6% on Monday.
