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Global payment giant PayPal has announced that all users in the United States, except residents of Hawaii, will now have the ability to facilitate money transfers to friends and family abroad using USD converted from the PayPal USD (PYUSD) stablecoin. This move allows US customers leveraging PayPal's cross-border payments platform, Xoom, to convert PYUSD to USD and send money to recipients in approximately 160 countries with no transaction fees. Jose Fernandez da Ponte, Senior Vice President of the Blockchain, Cryptocurrency, and Digital Currency Group at PayPal, emphasized that the introduction of PYUSD aims to drive mainstream adoption of cryptocurrencies while offering an easy and cost-effective way to securely send money internationally. This development underscores the growing importance of stablecoins in facilitating efficient and affordable cross-border transactions. The stablecoin market is witnessing increased competition, with various alternatives emerging to compete for...

The Monetary Authority of Singapore (MAS) has announced amendments to the Payment Services Act (PS Act) to broaden regulation of digital payment token (DPT) service providers. The amendments, set to be implemented in stages starting April 4, will bring custodial services for DPTs, token transfers, exchange facilitation, and cross-border money transfers under the scope of the PS Act. MAS clarified that the amended law covers cases where service providers do not handle funds or where transactions do not occur in Singapore. The updates empower MAS to impose requirements on DPT service providers related to anti-money laundering, user protection, and financial stability. Transitional arrangements will be provided for affected entities, requiring them to notify MAS within 30 days and apply for a license within six months of April 4 to continue operations under review. Noncompliant entities face closure when the amendments take effect. Additionally, MAS will introduce amendments...

Argentina's government has initiated measures requiring cryptocurrency exchanges to operate legally in the country. The Comisión Nacional de Valores (CNV), Argentina's securities regulator, announced on March 25 that virtual asset service providers must comply with Financial Action Task Force (FATF) recommendations regarding Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws. The implementation of these requirements follows the approval of modifications to Argentina's laws aimed at preventing money laundering and terrorism financing by the country's senate on March 14. CNV President Roberto Silva emphasized that unregistered virtual asset service providers would not be permitted to operate in Argentina. The move comes amid concerns about the future of digital assets in Argentina, particularly following the ascension of President Javier Milei, who was initially seen as pro-Bitcoin. However, the enforcement of FATF requirements has raised apprehensions...

Sharmin Mossavar-Rahmani, chief investment officer of Goldman Sachs Wealth Management, remains critical of cryptocurrencies, asserting that they do not constitute an investment asset class. Despite growing institutional interest in crypto, particularly from competitors like BlackRock and Fidelity, Mossavar-Rahmani cites a lack of demand from Goldman Sachs clients as a reason for the bank's reluctance to embrace crypto. In contrast to Goldman Sachs' stance, Bitcoin advocate Anthony Pompliano criticized Mossavar-Rahmani's views, emphasizing Bitcoin's role as a digital currency and store of value. Pompliano highlighted Bitcoin's growing legitimacy as an asset class, citing significant institutional investment and debunking misconceptions about its association with criminal activities. He also addressed concerns about Bitcoin's volatility and lack of inherent value, arguing that it serves as a hedge against inflation and a store of value asset. The differing perspectives between Goldman...

The Dudesy podcast and the estate of late comedian George Carlin have reached a settlement following a lawsuit over an AI-generated parody show titled "George Carlin: I’m Glad I’m Dead." The special, which sparked controversy for unauthorized use of Carlin's likeness and image, has been removed from the podcast's platforms as part of the settlement agreement. Additionally, a permanent injunction prohibits the podcast from reposting the video or using Carlin's voice, picture, or likeness in any future productions. Carlin's daughter, Kelly Carlin, expressed satisfaction with the resolution, emphasizing the importance of safeguarding against the risks posed by artificial intelligence (AI) and the necessity for suitable protections for intellectual property rights. The case sheds light on broader concerns about the intersection of technology and intellectual property rights, particularly regarding the exploitation of AI in entertainment. While the settlement addresses immediate issues,...

Hokkoku Bank, a regional financial institution in Ishikawa prefecture, has introduced Tochika, Japan's first deposit-backed stablecoin. Users with a Hokkoku Bank deposit account and access to the Tochitsuka app can purchase and utilize this stablecoin. Tochitsuka, originally developed by Digital Platformer for earning points from city services, now serves as a wallet for Tochika tokens. Tochika coexists with Tochipo, Suzu City's point system, and users can spend both stablecoins and points at affiliated retail stores, albeit limited to Suzu City. The bank aims to promote digitalization by offering Tochitsuka to businesses hesitant to adopt cashless payments due to transaction fees and local gift certificate issuers still reliant on paper-based certificates. Moreover, Hokkoku Bank plans to introduce a peer-to-peer remittance function by the end of the year. The bank envisions future collaborations with other regional banks to facilitate a seamless cashless environment, potentially...

Forbes emphasizes the pivotal role of artificial intelligence (AI) and blockchain in fueling the growth of Web3, the next iteration of the internet. The synergy between blockchain's transparency and security features and AI's data processing and predictive capabilities holds the potential to enhance user experiences and reduce friction in Web3 adoption. The integration of blockchain and AI addresses critical challenges faced by each technology individually. Blockchain's consensus mechanism ensures data integrity, mitigating the risk of faulty outputs in AI algorithms due to poor-quality data. This symbiotic relationship enhances the reliability and accuracy of AI-driven applications within the Web3 ecosystem. The global Web3 market is poised for exponential growth, with projections indicating a significant expansion from USD 2.18 billion in 2023 to approximately USD 65.78 billion by 2032, driven by a robust compound annual growth rate (CAGR) of 46%. The emergence of the metaverse and...

A non-profit organization based in El Salvador, known as "Mi Primer Bitcoin" or "My First Bitcoin," has launched an updated version of its Bitcoin Diploma program. This initiative is aimed at promoting wider adoption of Bitcoin and educating individuals from early age about its technology in BTC education. The organization started offering BTC classes in El Salvador following the implementation of the Bitcoin Law in 2021. In June 2022, they introduced the first 10-week educational program, enrolling 38 students from public schools in El Salvador, making it the first BTC Diploma program in any public school system worldwide. Now collaborating with the Ministry of Education in El Salvador, the organization's BTC-focused educational program has been adopted as the primary resource for the country's educational curriculum. Through partnerships with the government and Bitcoin Beach, they are currently training 700 public school teachers to deliver the BTC Diploma curriculum in local...

In a settlement to resolve a lawsuit alleging privacy violations, tech giant Google has agreed to delete billions of data records. The lawsuit claimed that Google improperly tracked users' internet activity even when they believed they were browsing in privacy mode. Users accused Google of monitoring their activity despite using features like Chrome's "Incognito" mode or other browsers' "private" browsing options. The settlement, estimated to be worth over $5 billion, includes updates to Google's disclosures on data gathering during private browsing and a five-year restriction on third-party cookies for Incognito users. Despite Google's denial of the allegations, the settlement reflects the company's commitment to addressing privacy concerns and improving transparency regarding user data collection. The development establishes the growing scrutiny and demand for accountability in the tech industry, particularly regarding data privacy practices. As Google navigates these legal...

Tether Ltd, the company behind the world's leading stablecoin Tether (USDT), has successfully passed a comprehensive SOC 2 audit, affirming its commitment to data security and privacy. This certification underscores Tether's dedication to maintaining the highest standards of compliance and safeguarding user assets and data. With the SOC 2 certification, Tether aims to enhance user trust and confidence in its platform by demonstrating robust information security and data protection measures. CEO Paolo Ardoino emphasizes the importance of this certification in reassuring users about the integrity of their assets managed by Tether. Looking ahead, Tether outlines a strategic plan to expand its market presence and diversify into Bitcoin mining. The company aims to control 1% of the Bitcoin mining operations by 2024, signaling its ambition to not only diversify revenue streams but also expand its influence in the cryptocurrency industry. Additionally, Tether plans to invest in building...

China announces a collaboration with Conflux Network to develop a blockchain infrastructure platform for the Belt and Road initiative, signaling a strategic shift towards embracing blockchain technology for international trade and cooperation. Despite its stringent stance on cryptocurrencies, the Chinese government recognizes the potential of blockchain in enhancing global collaboration. The project aims to establish an integrated public blockchain network to facilitate cooperation projects among Belt and Road countries, leveraging blockchain's capabilities to transcend geographical boundaries. Cosmos System, operating primarily on Conflux Network, plays a important role in enabling this initiative, showcasing China's commitment to utilizing domestically developed blockchain technology for strategic objectives. While China has imposed regulations to limit cryptocurrency activities within its jurisdiction, including banning operations and closing exchanges, it acknowledges the complex...

Amidst ongoing Bitcoin price volatility, the recent developments in Switzerland, particularly in the city of Lugano, offer significant signals for the crypto industry's future. While short-term price fluctuations dominate investor discussions, understanding long-term goals is crucial in the crypto space. Lugano serves as a prime example of how cryptocurrencies are shaping daily life and financial interactions. While Switzerland boasts robust financial services, many parts of the world still face challenges in accessing financial systems. In Lugano, however, residents can pay taxes using cryptocurrency, with over 15% of citizens already utilizing crypto for payments. This approach extends to over 400 businesses in the city that directly accept crypto payments, with expectations to exceed 2,000 in the coming years. Globally, efforts by payment service providers and tech giants to integrate crypto, coupled with increasing acceptance by businesses, are propelling the adoption of...