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The European Union has taken a significant step in regulating artificial intelligence (AI) by approving the final text of the EU’s AI Act. All 27 member states endorsed the political agreement reached in December 2023, according to Commissioner for Internal Market Thierry Breton. The AI Act is a risk-based regulatory framework covering various aspects of AI applications, including the governmental use of AI in biometric surveillance and rules for transparency before market entry. The agreement, which addresses concerns about deepfakes and AI risks, is set to proceed toward legislation with a vote by an EU lawmaker committee on February 13, followed by a European Parliament vote in March or April. By emphasizing the liability of developers in high-risk AI applications, the EU aims to establish a responsible and accountable environment for AI innovation. The focus on riskier AI applications having greater liabilities aligns with the goal of fostering trust in AI technologies while...

Indian Prime Minister Narendra Modi has appealed for global collaboration to address contemporary challenges, particularly cyber threats and cryptocurrencies. During the Commonwealth Legal Education Association and the Commonwealth Attorneys and Solicitors General Conference 2024 in New Delhi, Modi stressed the need for unified justice delivery in the face of increasing interdependence. He highlighted the importance of international cooperation to combat transnational crimes and proposed a flexible legal framework to address 21st-century challenges such as the growth of cryptocurrency and cyber threats. Modi believes that reevaluating, reinventing, and reforming current legal frameworks will lead to a modernized justice delivery system. As digital technologies advance, issues like cyber threats and the use of cryptocurrencies for illicit activities have become cross-border concerns. Modi's emphasis on collaboration aligns with the recognition that effective solutions require...

El Salvador's Vice President, Félix Ulloa, stated in an interview that bitcoin will continue to be legal tender in the country during President Nayib Bukele's second term, despite the International Monetary Fund's (IMF) ongoing calls to drop the cryptocurrency. Ulloa emphasized the government's commitment to maintaining the legal status of bitcoin and noted that recent developments, such as the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. SEC, strengthen El Salvador's resolve. The Salvadoran government plans to proceed with the launch of bitcoin-backed bonds and the construction of Bitcoin City if Bukele's party secures victory in the upcoming elections. The government's confidence in Bitcoin is underlined by recent global developments, such as the SEC's approval of bitcoin ETFs, which El Salvador sees as an endorsement of its stance. The decision to move forward with bitcoin-backed bonds and the creation of Bitcoin City reflects a bold and innovative approach to...

The U.S. Securities and Exchange Commission (SEC) has filed legal action against Brian Sewell and his company Rockwell Capital Management, accusing them of defrauding investors for over a million dollars. According to the SEC, Sewell allegedly misled students of his online crypto course, the Bitcoin Academy, into investing in the Rockwell Fund. The regulator claims that instead of deploying the advertised trading strategies using artificial intelligence, Sewell invested the funds in Bitcoin, which were subsequently lost in a hacking incident. Sewell and Rockwell Capital Management have agreed to settle the fraud charges without admitting guilt, subject to court approval. The case highlights the importance of due diligence and transparency in the crypto industry, especially when it involves investment offerings and educational services. The SEC's pursuit of legal action and the proposed settlement signal the need for accountability and adherence to securities laws in the...

In a pioneering move, Cornell University has introduced a Bitcoin-focused degree within its College Scholar Program, signaling a recognition of the growing importance of cryptocurrencies. Spearheaded by visionary student Ella Hough, this initiative aims to provide students with a comprehensive education centered around Bitcoin, offering unique opportunities within the expanding Bitcoin ecosystem. Concurrently, the institution has inaugurated the Cornell Bitcoin Club, fostering a global network of Bitcoin enthusiasts among students for learning, discussion, and exploration of Bitcoin-related topics. Cornell's innovative approach sets a precedent for other educational institutions to follow in integrating cryptocurrency studies into their curricula. Analysis: Cornell University's decision to launch a Bitcoin-focused degree and establish the Cornell Bitcoin Club represents a significant milestone in cryptocurrency education. By recognizing the increasing relevance of Bitcoin in the...

The Chairwoman of the Federal Communications Commission (FCC), Jessica Rosenworcel, has suggested classifying calls featuring AI-generated voices as illegal under the Telephone Consumer Protection Act (TCPA). The proposal comes in response to AI-generated messages imitating U.S. President Joe Biden's voice during the 2024 presidential election. The TCPA, a 1991 law, regulates automated political and marketing calls without the receiver's consent. The surge in AI-driven robocalls, capable of mimicking various voices, has prompted the FCC to equip state attorneys general with tools to pursue legal action against those responsible. The proposal aims to strengthen consumer protection against intrusive and misleading communications. Rosenworcel's proposal represents a significant step in addressing the rising threat of AI-generated voice calls and their potential misuse, especially in the context of election interference. By leveraging the existing legal framework of the TCPA, the FCC...

The Bank of Russia has revealed that 17 more banks are set to join its digital ruble pilot program, expanding the initiative beyond the current 13 participating banks. The newly enlisted banks have signed agreements with the central bank and are in the process of implementing the necessary systems for their involvement in the extended pilot. The existing 13 banks, including Alfa Bank, VTB Bank, and Sberbank, are actively testing operations with real digital rubles in collaboration with around 600 citizens and 30 trading and service companies. The digital ruble project, initiated in December 2021 with the creation of a prototype platform, aims to introduce a digital form of the Russian national currency alongside cash and non-cash forms. The Bank of Russia's move to include an additional 17 banks in its digital ruble pilot demonstrates a commitment to expanding the scope and reach of the initiative. The active participation of a diverse group of banks in testing real digital rubles,...

The U.S. Energy Information Administration (EIA) has commenced a provisional survey, "Cryptocurrency Mining Facilities," to collect electricity consumption data from identified crypto-mining companies operating in the country. Authorized as an "emergency collection of data request" by the Office of Management and Budget, the EIA aims to develop a baseline snapshot of crypto-mining companies, quantify changes in mining activity, identify electricity sources, and pinpoint regions with concentrated mining activity. The survey responds to concerns about the potential surge in Bitcoin mining activity and its impact on the electricity system. The EIA plans to analyze and report on the energy implications of crypto mining, focusing on evolving energy demand, geographic growth areas, and electricity sources. The U.S. Energy Information Administration's emergency survey signals a proactive approach to understand and address the energy consumption impact of crypto mining. With the surge in...

Meta's metaverse arm, Reality Labs, reported a remarkable Q4 2023 with revenue exceeding $1 billion, the highest in its history. CEO Mark Zuckerberg attributed the success to robust sales of both Quest headsets and Ray-Ban Meta smart glasses. Despite the impressive revenue, Reality Labs incurred losses of $4.6 billion in the quarter, contributing to a total loss of $16 billion for 2023. Zuckerberg emphasized the strong performance of Quest 2 and 3, with the Quest 3 becoming the "most popular mixed reality device." While Meta CFO Susan Li acknowledged the increasing losses, she indicated that they are expected to grow significantly year-over-year due to ongoing augmented reality/virtual reality product development efforts and ecosystem scaling investments. Meta reported better-than-expected earnings, with a 25% YoY increase in sales for Q4 and announced its first-ever dividend along with an additional $50 billion in share buybacks. Meta's Reality Labs achieving over $1 billion in Q4...

The Reserve Bank of India (RBI) is adopting a cautious approach in developing its digital rupee, actively exploring technology solutions to mitigate privacy concerns associated with a potential central bank digital currency (CBDC). A senior official revealed the RBI's focus on technology-driven answers to privacy issues rather than solely relying on legislation. While the central bank maintains a careful stance on cryptocurrencies, it indicates a lack of objection if the government decides to reduce taxes that have impacted the crypto industry. The RBI's CBDC pilot programs, initiated in late 2022, have shown recent progress, with a retail CBDC achieving a million transactions in one day. The official hinted at the possibility of involving startups in future CBDC pilot programs, recognizing their potential contribution to the technology challenges in the evolving pilot. The emphasis on technology solutions to address privacy concerns in the digital rupee development showcases a...

DZ Bank, the second-largest bank in Germany, plans to initiate a retail crypto trading trial this year, making the service available to its extensive network of over 700 community banks. The Frankfurt-based bank aims to enter the pilot phase for retail crypto trading with selected cooperative banks, allowing private customers to access cryptocurrencies independently. The move aligns with a growing interest among local banks, with a study from Genoverband indicating that every second bank desires to offer cryptocurrency solutions to their customers. DZ Bank had previously unveiled a blockchain-based digital custody platform for institutional clients and hinted at including crypto purchases for both institutional and individual investors. The upcoming retail crypto trading trial follows DZ Bank's application for a crypto custody license from the German financial regulator, BaFin, in June 2023. DZ Bank's entry into the retail crypto trading space marks a significant development,...

Singapore authorities, in collaboration with the Police Force and Cyber Security Agency, release a joint advisory cautioning citizens about the growing threat of crypto drainers in cyberattacks. The advisory highlights the use of commercial crypto draining kits, allowing cybercriminals to deploy advanced malware with a profit-sharing model. Phishing campaigns are identified as the initial stage, leading victims to fake trading websites and compromising their Web3 wallets. Although no such attacks have been reported in Singapore, authorities recommend preventive measures, including the use of hardware wallets and immediate reporting of incidents to both authorities and crypto service providers. The advisory from Singapore authorities underscores the evolving sophistication of cyber threats targeting cryptocurrency investors. The focus on commercial crypto draining kits and the profit-sharing model highlights the accessibility of advanced malware for novice cybercriminals. The emphasis...