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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...

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.