China has recently taken the lead in E-Payment and E-Commerce deliveries. ICT Technology will also be the basis for future growth. President Putin recently said, “Whoever will be leader in Artificial Intelligence, will lead the world”. Therefore the race for the growth-lead in ICT has become ubiquitous. So far IT often violates and interrupts ways of doing things bringing uncertainty. In the Fin-Tech problems arise from speed discrepancies between development and regulations. For example the EU  now only is driving regulations for crowd funding platforms having been around for several years, to make them cross border eligible and for providing tangible standards for crowd-funding investors’ protection. Data regulations needing to merge with financial regulations for cross border information exchange must be made cyber-crime resilient. Protection against volume and cyber-attacks hampers unbundled financial services. As an interim solution sand-boxes were created as a yet unregulated, but to register provisory regime, new Fin-Tech developments may be tested in defined limited markets under transparency conditions precedent.
However all this does not work for Blockchain, yet to be proven in efficiency itself. Crypto currencies’ still lack governance and regulations, particularly for interfaces of exchange into sovereign currencies. It is not clear how to cooperate cross border operationally without opening space for fraud. Risks are that fight against crime and terrorism could be bypassed and how to not undermine security networks. Therefore Initial Coin Offerings [ICOs] are unregulated crowd funding calls, whether on Blockchain or just mobile, potentially retrospectively deemed illegal. However, since ICOs as a general idea should only be used in 2nd stage investments where primary or seed investors already secured good governance, they are not expected to boom prior to regulations were defined.

But let’s be optimistic! Artificial Intelligence might help in the near future to overcome these issues of uncertainties. They just stem from segmental views leading to isolated solutions that are not easy to assess in all consequences and variances. Trying to make two of them fully interconnected is like translating something from one language to another. Taking a simple sentence of 20 words in one language to be translated into another language gives about (20×2)^19 = 2.75 x e30 possible versions whereof only one is correct – which is why it does neither work properly with AI today. On the other hand computer programs developed in one and the same language can be joined without any issues. So once cryptocurrencies will be programmed under consideration of all requirements by regulations we could enjoy products that will be legally safe to use right from start. Already at today’s levels of AI within the “Autonomy in Rest” segment fraud detection could be done. It’s just a kind of pattern recognition task, however needing all the transaction information from participants, moves, locations and so forth. So it would be a simple “Augmented Intelligence” (Big Data Utilization) application in combination with “Autonomous Intelligence” (development) within well pre-defined settings. So let’s trust there will be more efficient new data-base structures fit to supersede block-chain enabling crypto-currencies without regulatory limitations.

The general fears of AI’s cannibalism of jobs may need a more thorough reconsideration. Yes, AI will take over tasks. Whether physical or administrative. But professions should be able to use AI as a productivity driver. If I imagined all the things forbidden or left unexplored today because people in charge feel overstrained to overlook consequences, a facilitation by AI will unlock a world of qualitative growth where every individual will find lots of opportunities to add value to our society!