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Ripple Releases White Paper on Central Bank Digital Currencies (CBDCs)

Blockchain company Ripple has released a comprehensive white paper on central bank digital currencies (CBDCs), providing insights into their potential benefits, associated risks, and adoption challenges. The document reveals that 130 countries, representing 98% of the global GDP, are actively exploring or pursuing CBDC initiatives. Nineteen G20 countries are in advanced project stages, with several nations, including the United States, South Africa, and various EU members, in exploratory phases. The white paper emphasizes the growing momentum of CBDC projects worldwide, with 85% of global finance leaders anticipating their country launching a digital currency within the next four years. The majority of leaders identified financial inclusion as a significant benefit of CBDCs. (Source: Bitcoinist.com)

Coinbase International Exchange Launching Spot Crypto Trading

Coinbase announced that Coinbase International Exchange is launching spot markets for non-U.S. customers. The platform aims to build liquidity and create a robust foundation in the initial phase, with plans to expand the product to include retail users, additional assets, and features supporting new trading strategies and enhancing capital efficiency. The exchange is listing BTC-USDC pairs via API access for non-U.S. institutional clients. Coinbase International Exchange, launched in May 2023, is available to non-U.S. clients in select jurisdictions, offering access to BTC, ETH, LTC, XRP etc. (Sorce: Coingecko)

CoinList to Pay OFAC $1.2 Million in Settlement Over Allegations of Violating Sanctions

CoinList, a platform that facilitates token sales, has agreed to pay $1.2 million to the Office of Foreign Assets Control (OFAC) in a settlement over allegations of violating sanctions. The platform reportedly processed transactions involving users from sanctioned regions, including Crimea, Cuba, Iran, North Korea, and Syria. CoinList neither admitted nor denied the allegations but cooperated with OFAC's investigation, implementing measures to enhance its compliance program. The settlement highlights the importance of crypto platforms maintaining robust sanctions compliance measures. (Source: Cointelegraph)

CoinList to Pay Over $1.2 Million to OFAC for Sanctions Violations

CoinList, a cryptocurrency exchange and token listing platform, has agreed to pay over $1.2 million in a settlement with the Office of Foreign Assets Control (OFAC) for alleged violations of sanctions related to Russia and Ukraine. OFAC claimed that CoinList processed transactions for users with Crimea addresses, which is subject to sanctions due to Russia's annexation of the region. CoinList reportedly processed 989 financial transactions for users in Crimea between April 2020 and May 2022. The settlement amount reflects a deemed base penalty amount, and OFAC noted that CoinList's violations were considered "non-egregious." CoinList cooperated with the investigation and has since enhanced its compliance measures. (Source: Bitcoin.com)

AI Enhances Global Climate Models For Accurate Extreme Precipitation Forecasting

Researchers at the Karlsruhe Institute of Technology (KIT) have developed an AI method using Generative Adversarial Networks (GANs) to improve the precision of global climate models, particularly in predicting extreme precipitation events. The AI model addresses challenges faced by current climate models in forecasting local-level variability by enhancing spatial resolution from 32 to two kilometers and temporal resolution from one hour to ten minutes. This breakthrough allows for more accurate analysis of climate impacts, supporting advanced simulations for estimating the effects of extreme weather conditions in a changing climate. The AI-driven model is quicker and produces an ensemble of potential precipitation fields, enhancing the reliability of climate predictions by determining associated uncertainties. (Source: Coingape)

Intel Unveils Gaudi3 AI Chip To Compete With Nvidia And Amd

Intel has launched the powerful Gaudi3 AI chip, positioning itself to compete with industry giants Nvidia and AMD. The announcement led to a 1% rise in Intel's shares. The Gaudi3 chip is expected to enter the market and rival Nvidia's H100 and AMD's upcoming MI300X in the competitive field of AI applications. Intel's strategic vision includes the release of the Core Ultra 9 chip and a focus on competing with Taiwan Semiconductor Manufacturing Co. in the 7-nanometer chip market. The AI boom has seen significant stock surges for both Nvidia and Intel, emphasizing their pivotal roles in developing power-intensive AI solutions. Additionally, new Core Ultra processors in laptops from various brands promise enhanced gaming and 40% faster graphics processing, along with AI capabilities. (Source: Cryptopolitan)

UK Senior Judges Issue AI Guidance for Judiciary, Cautions on Risks

A group of senior judges in the United Kingdom has issued guidance for the judiciary on the responsible use of artificial intelligence (AI) in courts and tribunals. The guidance, published on December 12, is aimed at magistrates, tribunal panel members, and judges in England and Wales. It highlights potential uses of AI in administrative tasks but advises caution, especially in legal research and analysis. The guidance warns of the risks of consuming inaccurate or misleading information generated by AI and emphasizes the need for judges to understand the limitations and potential pitfalls of using AI tools. This initiative is the first step in future efforts to support judiciary interactions with AI in the UK. (Source: Coindesk)

Senate Coalition Expands Support for Elizabeth Warren’s Crypto Bill to Curb Illicit Finance

U.S. Senator Elizabeth Warren's bipartisan Digital Asset Anti-Money Laundering Act has garnered additional support from Senators Raphael Warnock, Laphonza Butler, Chris Van Hollen, John Hickenlooper, and Ben Ray Luján. The bill aims to address the risks of illicit finance associated with cryptocurrencies by closing loopholes and ensuring compliance with anti-money laundering and counter-financing of terrorism frameworks. Senator Warren emphasizes the need for new laws to combat the use of crypto in facilitating money laundering, supporting terrorist groups, and enabling fraudsters. The proposed legislation has gained both critics and supporters within the crypto community, with some viewing it as a direct attack on user privacy and freedom. The bill has the backing of various organizations, including the Bank Policy Institute, Transparency International U.S., and AARP. (Source: Bitcoin.com)

Binance Challenges SEC’s Attempt to Include DOJ Settlement Findings as ‘Irrelevant’

Binance has responded to the U.S. Securities and Exchange Commission's (SEC) attempt to introduce findings from the $4.3 billion settlement with the U.S. Department of Justice (DOJ) in the ongoing legal proceedings. Binance argued that the SEC's move is procedurally improper and impermissible, emphasizing the lack of relevance between the DOJ settlement and the SEC's claims against Binance Holdings and Changpeng Zhao. The SEC filed charges against Binance on June 5, 2023, including allegations related to securities law violations, control of customer assets, and commingling/diverting customer assets. The exchange asserts that the SEC has failed to establish the connection between the DOJ settlement and its claims. (Source: Coingape)

SEC Successfully Serves Lawsuit to HEX Founder Richard Heart in Finland Through Substitute Service

The United States Securities and Exchange Commission (SEC) has served its lawsuit to HEX founder Richard Schueler, also known as Richard Heart, in Helsinki, Finland. The SEC resorted to substitute service on October 31 when process servers faced challenges reaching Heart in person. The process server made multiple unsuccessful attempts over almost seven weeks, including calls, texts, letters, and visits to Heart's residence. The SEC had filed a lawsuit against Heart earlier, and the substitute service was an alternative method when personal delivery proves difficult. (Source: Cointelegrah)

FTX Warns IRS Tax Bill Could Wipe Out Recovery for Creditors

FTX Trading, facing a proposed $24 billion tax bill from the U.S. IRS, warns that any "meaningful recovery" for creditors could be swiped away. FTX contests the IRS claims, deeming them "meritless" and arguing that the tax bill exceeds any earnings the company has made. The IRS had initially pursued $44 billion across 45 claims but reduced it to $24 billion. FTX suggests that if the IRS claim stands, it could jeopardize funds meant for reimbursing affected FTX users. The situation highlights the complex intersection of crypto exchanges, taxation, and regulatory challenges. (Source: Cointelegraph)

Google Tightens Ad Rules for Cryptocurrency Coin Trusts in the U.S

With the imminent launch of cryptocurrency ETFs causing a buzz, Google is seizing the opportunity by allowing advertisements for Crypto ETFs. Effective from January 29, 2024, the update permits Cryptocurrency Coin Trusts to advertise on Google. However, direct promotions involving purchases, holding, or swapping are prohibited. Examples of such trusts are financial products enabling investors to trade shares in trusts holding large pools of digital currency. Other crypto-related businesses, such as educational content on crypto, NFT-based games, and crypto hardware wallets, are also allowed. This move reflects Google's adaptation to the evolving cryptocurrency landscape. (Source: Blockhead.co)