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In the aftermath of the Federal Reserve's decision to keep interest rates steady, Bitcoin remains relatively stable, experiencing only a 2.2% dip while traditional stocks and cryptocurrencies face more substantial declines. Fed Chairman Powell's cautious remarks, expressing a reluctance to rush into rate cuts, receive mixed reviews. Financial experts note Bitcoin's resilience, with analysts suggesting a potential rally towards $45,000 despite short-term fluctuations. The cryptocurrency's evolving status as a unique asset class becomes increasingly significant in the context of shifting market dynamics. Bitcoin's resilience in the face of the Federal Reserve's decision highlights its maturing role as a distinct asset class. The cryptocurrency's ability to withstand market fluctuations, contrasting with declines in traditional assets, reinforces its perceived value. The mixed reactions from financial experts underscore the uncertainty surrounding the Fed's stance and its potential...

Summed-Up News: The African Development Bank (AfDB) has made history by issuing a $750 million perpetual hybrid capital note, a novel financial strategy recommended by the G20 for multilateral development banks. This instrument, with a 5.75% coupon, offers flexibility to investors and can be redeemed after 10.5 years. The bank's Vice President of Finance, Hassatou N’Sele, hints at a strategic shift, emphasizing the establishment of hybrid capital as a new asset class. The issuance, coordinated by BNP Paribas and Goldman Sachs, faced initial delays but garnered diverse investor participation, showcasing the appeal of this pioneering financial instrument. The AfDB plans a cautious and progressive approach, with one or two transactions per year, aligning with its commitment to responsible financial management. The AfDB's move into hybrid capital notes is a significant milestone, reflecting a proactive response to the G20's call for innovative financing structures. The...

Finance Minister Nirmala Sitharaman's Interim Budget 2024 reveals ambitious fiscal targets, projecting a fiscal deficit of 5.8% for FY24 and aiming to reduce it further to 5.1% in FY25. With a revised total expenditure of Rs. 44.90 lakh crore and tax receipts estimated at Rs. 23.24 lakh crore, Sitharaman emphasizes meticulous financial management. The long-term vision includes reducing the fiscal deficit to below 4.5% by FY26. Transformative reforms include redefining FDI as 'First Develop India' to attract foreign investments, establishing a Rs. 1 lakh crore corpus for long-term financing, and promoting deep tech applications for defense. The Finance Minister credits GST reforms for creating economic cohesion, presenting a comprehensive and strategic approach to propel India's economic growth. Interim Budget 2024 demonstrates a bold and comprehensive strategy to navigate India's economic landscape. The ambitious fiscal targets and commitment to fiscal prudence underscore a long-term...

The High Court of Singapore has rejected Three Arrows Capital's attempt to dismiss a lawsuit filed by DeFiance Capital founder Arthur Cheong, allowing DeFiance Capital to pursue legal action against the bankrupt crypto hedge fund's estate. Cheong contends that investors in DeFiance Capital are the true owners of assets held in trust by 3AC and that these assets should not be used to settle creditor claims against 3AC. The court's decision, which recognizes the crypto assets as being in trust, underscores the legal intricacies surrounding cryptocurrency ownership and control, setting potential precedents for future disputes in the industry. This development emphasizes the importance of clear legal structures in navigating crypto fund bankruptcies and highlights evolving regulatory and legal frameworks for digital assets.

China is set to revise its Anti-Money Laundering (AML) regulations to encompass transactions involving cryptocurrency assets. Prime Minister Li Qiang chaired an executive meeting of the State Council on January 22 to discuss the updated AML law. The revised draft, introduced in 2021 and part of the legislative work plan until 2023, signals the first major overhaul since 2007. Experts note the comprehensive scope of the AML law but emphasize the urgent need to address cryptocurrency-related money laundering issues. Wang Xin, a professor at Peking University Law School, highlights the mainstream use of crypto assets for money laundering, underscoring the lack of clear definitions in current Chinese laws.

Standard Chartered Bank predicts that the US Securities and Exchange Commission (SEC) could approve the first spot Ethereum ETF on May 23, marking the final deadline for current applications. The bank anticipates a surge in Ethereum's price, potentially reaching over $4,000 in the lead-up to the approval. The SEC recently delayed spot Ethereum ETF applications from BlackRock and Fidelity. Standard Chartered draws parallels with Bitcoin's price rally following BlackRock's spot Bitcoin ETF application, and if history repeats, Ethereum could experience significant price growth. Ethereum is currently trading near $2,375, showing a 3% increase in the past hour. The potential approval of spot Ethereum ETFs reflects the growing acceptance of cryptocurrencies in traditional finance. If approved, it could lead to increased institutional participation in Ethereum, driving up demand and prices. Investors are closely watching regulatory developments, as seen in the bank's projections based on...

In a recent development, the White House has revealed significant advancements in its AI initiatives, three months after President Joe Biden’s executive order. Led by Bruce Reed, the White House AI Council reported substantial progress, emphasizing a commitment to mitigating potential risks associated with AI systems. A key highlight is the use of the Defense Production Act to enhance transparency, urging AI developers to share critical information with the Department of Commerce. This move aligns with the administration's focus on accountability within the AI development community. Moreover, the proposed draft rule requiring disclosure from U.S.-based cloud computing companies underscores a push for responsible AI use on a global scale. The administration's comprehensive approach includes risk assessments across critical infrastructure sectors, setting the stage for future regulatory frameworks. Initiatives to attract and train AI talent, both domestically and internationally,...

Harvest Fund Management, a multinational asset management company, has reportedly submitted the first application for a spot Bitcoin exchange-traded fund (ETF) in Hong Kong. The application has been submitted to the Securities and Futures Commission (SFC) of Hong Kong. The SFC is reportedly aiming to expedite the approval process and have the ETF listed on the Hong Kong Stock Exchange in the next few months. The move in Hong Kong follows the recent approval of spot Bitcoin ETFs in the United States by the Securities and Exchange Commission (SEC). The SFC is expected to follow a similar approach to approve multiple Bitcoin ETFs simultaneously. The submission of the first application for a spot Bitcoin ETF in Hong Kong reflects the global trend of increasing interest in cryptocurrency investment products. The recent approvals in the United States have set a precedent, and other jurisdictions are likely to follow suit. If approved, a Bitcoin ETF in Hong Kong could provide investors with...

The Italian Data Protection Authority (IDPA) has released a statement asserting that OpenAI's ChatGPT is in violation of data protection and privacy laws in Italy. The IDPA conducted a fact-finding probe in November 2023 to investigate online AI data scraping and found that ChatGPT does not comply with provisions in the European Union's General Data Protection Regulation (GDPR). OpenAI has been invited to submit counterclaims within 30 days of the notice. This development follows Italy's initial ban on ChatGPT in March 2023, which was later lifted after OpenAI agreed to transparency measures. The IDPA's findings highlight the regulatory scrutiny and challenges that AI models face in ensuring compliance with data protection and privacy laws. As AI technologies continue to evolve, regulatory authorities are keen to ensure that they adhere to legal frameworks, especially in regions with strict data protection regulations like the EU. Companies developing AI models need to be vigilant...

As India awaits its Union Budget for 2024, the cryptocurrency industry is anticipating key changes that could impact the sector's growth. Nischal Shetty, co-founder of crypto exchange WazirX, highlighted the need for adjustments in taxation rules, particularly proposing a reduction of the Tax Deducted at Source (TDS) rate from 1% to 0.01%. Shetty emphasized that the high TDS rate puts India at a disadvantage compared to other countries and lowering it would encourage digital asset trading within Indian jurisdiction. Other industry leaders also called for regulatory clarity, alignment of tax rates with other asset classes, and the establishment of a self-regulatory body for the crypto and blockchain sector. The Indian cryptocurrency industry is looking to the Union Budget for favorable changes in taxation, regulatory clarity, and strategic measures to boost domestic sector growth. Proposed adjustments, such as reducing the TDS rate, are seen as crucial for leveling the playing field...

Google has revised its advertising policies to allow cryptocurrency trust products, including newly launched Bitcoin exchange-traded funds (ETFs), to appear as ads on Google search results. This move comes in response to the recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC). Market players such as VanEck, BlackRock, and Franklin Templeton are already running advertisements for their Bitcoin ETF offerings in the United States. The updated guidelines provide a broader marketing avenue for Bitcoin ETFs, allowing companies managing these financial instruments to use Google's advertising platform to attract investors and raise awareness. Google's decision to allow ads for Bitcoin ETFs on its platform reflects the increasing mainstream acceptance of cryptocurrency-related financial products. This move is likely to enhance the visibility and comprehension of Bitcoin ETFs, targeting both institutional and retail investors. However, concerns about...

Japan is progressing toward the launch of its central bank digital currency (CBDC), the digital yen, with the government and the Bank of Japan (BoJ) working on the legislative framework. While neither the BoJ nor the government has officially committed to a CBDC launch, they are accelerating development, possibly in response to China's progress with its digital currency. The recent meeting on the CBDC's system design discussed future points of contention and legal issues, with a focus on building the legal framework well ahead of a potential rollout. The goal is to finalize the list of necessary legal amendments by spring. Japan's move toward a digital yen reflects the global trend toward CBDCs and the competition among nations to advance digital currency projects. The legislative groundwork is crucial for a smooth launch and integration of the digital currency into the existing financial system. The commitment to a two-tier structure involving commercial banks aligns with efforts to...