CBDCs, Digital IDs, Social Credit Scores

EU, US To Ready Voluntary AI Code Of Conduct

By Iron Will / May 31, 2023 /

The European Union and United States said Wednesday they expect to draft a voluntary code of conduct on artificial intelligence “within weeks” with the hope that fellow democracies will sign on.

After talks with EU officials in Sweden, US Secretary of State Antony Blinken said that the Western partners felt the “fierce urgency” to act following the emergence of the technology, in which China has been a growing force.

The voluntary code “would be open to all like-minded countries,” Blinken told reporters.

“There’s almost always a gap when new technologies emerge,” Blinken said, with “the time it takes for governments and institutions to figure out how to legislate or regulate.”

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Federal Judge Handling SEC Vs Ripple Case Might Disappoint Cryptocurrency Industry By Nica Osorio @nicaIBTimes 05/31/23 AT 5:34 AM EDT Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Share on Flipboard

By Iron Will / May 31, 2023 /

KEY POINTS
Top lawyer Jeremy Hogan said “it is like the judge will not even address the issue” of whether XRP token is a security
He also talked about the importance of the judge’s rule on the “secondary market sales” of XRP in the ongoing case
His concern was echoed by another lawyer who cited the judge’s ruling on the parties’ Daubert motion in a post
While Ripple CEO Brad Garlinghouse predicted that the verdict on the cryptocurrency solutions provider’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) could be out in weeks’ time and not in months, a top lawyer has noted that U.S. Federal Judge Analiza Torres might disappoint the border cryptocurrency industry since she may not rule on the issue of whether XRP token is a security.

“The problem is that it is likely the judge will not even address the issue — since it’s not explicitly raised by the plaintiff,” Attorney Jeremy Hogan of Hogan & Hogan said in a tweet.

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Canada’s Recent Regulatory Development Sees Exit Of Another Major Crypto Exchange Platform

By Iron Will / May 31, 2023 /

ByBit has decided “to pause the availability of our products and services” in Canada
Binance also announced ending its operations in the country this earlier month
DEX dydX and stablecoin issuer Paxos ended their operations in Canada in April
The Dubai-based crypto exchange revealed its exit from Canada on Tuesday, informing the public that it would stop opening new accounts for users beginning Wednesday.

In a post titled “Notice on Exit from Canadian Market,” ByBit said it has always been its “primary objective to operate our business in compliance with all relevant rules and regulations in Canada.” However, considering the “recent regulatory development” in the country, the company has “made the difficult but necessary decision to pause the availability of our products and services.”

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Restrictive US Crypto Regulations May Help China Become Global Financial Leader: Coinbase CEO

By Iron Will / May 31, 2023 /

China’s introduction of the digital yuan could directly challenge the U.S. dollar, warns Armstrong
He demands a comprehensive law “that safeguards consumers and fosters innovation”
The U.S. will have to cede its position as a global leader if right action is not taken now, he says
Coinbase CEO Brian Armstrong has warned that “adversary nations” like China will overtake the U.S. if policymakers continue to enforce restrictive crypto policies.

The U.S. would also have to forfeit its “time-honored role as the global financial leader and an innovation hub” if it fails to see the bigger picture, Armstrong added, reported Cointelegraph.

In an editorial published on MarketWatch, Armstrong urged U.S. regulators not to write off cryptocurrency as an “unstable asset class” and see that it is “much more than individual transactions.”

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Statement on AI Risk AI experts and public figures express their concern about AI risk.

By Iron Will / May 31, 2023 /

AI experts, journalists, policymakers, and the public are increasingly discussing a broad spectrum of important and urgent risks from AI. Even so, it can be difficult to voice concerns about some of advanced AI’s most severe risks. The succinct statement below aims to overcome this obstacle and open up discussion. It is also meant to create common knowledge of the growing number of experts and public figures who also take some of advanced AI’s most severe risks seriously.
Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war.

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EU plans for company human rights, environment checks face new hurdle

By Iron Will / May 31, 2023 /

Lawmakers in the European Parliament sought on Wednesday to water down groundbreaking European Union rules that would require large companies to check whether their suppliers abuse human rights or damage the environment.

Parliament is due on Thursday to vote on a cross-party compromise agreed in April on the draft EU corporate sustainability due diligence directive (CSDDD).

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‘GTA 5’ Raging Success Most Likely Deterrent For ‘Grand Theft Auto 6’ Rumored Crypto Integration

By Iron Will / May 30, 2023 /

umors claim that “Grand Theft Auto 6” might feature cryptocurrency
Take-Two Interactive has shown interest in the crypto industry, particularly when it had Zynga work on Web3 games
However, neither Take-Two Interactive nor Rockstar Games has ever said anything about crypto being in its upcoming “GTA” installment
“Grand Theft Auto 6,” the highly anticipated project of Rockstar Games, has been rumored to integrate cryptocurrencies, with others claiming that players could even earn crypto assets while playing the game. However, it appears that this may not happen at all, considering various factors including the ranging success of its predecessor, “GTA 5.”

“Grand Theft Auto 6,” is by far, the most leaked, rumored and speculated title in the franchise despite the fact that it has no specific release date yet.

One of the rumors linked to the upcoming major title is that it would be released as a blockchain game featuring cryptocurrencies and allowing gamers not only to enjoy the game but also earn crypto while playing it.

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Asian Markets Mixed As Traders Await US Debt Ceiling Vote

By Iron Will / May 29, 2023 /

Asian investors traded nervously Tuesday as they kept an eye on Washington, where lawmakers are expected to vote this week on a deal to hike the US debt ceiling and avoid a painful default.

President Joe Biden and House Speaker Kevin McCarthy hammered out an agreement at the weekend that saw both sides give ground, a week before a June 5 deadline when the government is expected to run out of cash to pay its bills.

The news provided some much-needed relief to markets, but now the two leaders must convince waverers on both sides to back the deal, with the House expected to vote Wednesday followed by the Senate.

Ultra-conservative Republicans feel McCarthy should have secured far deeper spending cuts in exchange for raising the debt ceiling and allowing the government to keep borrowing.

The left wing of the Democratic Party is equally unhappy that Biden agreed to any spending limits at all.

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Bitcoin’s Brief Pump Above $28K Leads To Steep Losses Among Short Traders, Triggers $130M Liquidations

By Iron Will / May 29, 2023 /

CRYPTO CRYPTO BUSINESS
Bitcoin’s Brief Pump Above $28K Leads To Steep Losses Among Short Traders, Triggers $130M Liquidations
By Nica Osorio
@nicaIBTimes

05/30/23 AT 12:18 AM EDT
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KEY POINTS
Bitcoin peaked at $28,432 but retraced to $27,960 by 9 a.m. ET Monday
The brief spike was after President Biden confirmed a deal was reached on debt ceiling
Bitcoin left the $28,000 price level and saw a 0.91% loss Monday evening
Bitcoin briefly spiked above the $28,000 price level in the early trading hours Monday, which led to nearly $130 million in liquidations and saw short traders experience steep losses.

The world’s largest cryptocurrency asset by market capitalization broke through the $28,000 price region and peaked at $28, 432 over the past 24 hours, but retraced to $27,960 at around 9 a.m. ET on Monday.

This brief surge in the price of Bitcoin triggered $55 million in liquidations for traders who held positions in the asset, with the market seeing $129.1 million leaving exchanges and 35,000 traders liquidating over the past 24 hours, data from crypto futures trading and information platform Coinglass showed.

Moreover, short traders lost $1404.45 million at around the same time, with Bitcoin, along with Ethereum – the second largest crypto asset by market capitalization, taking more than $68 million of those losses.

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They’ll Still Take The Cheque

By Iron Will / May 26, 2023 /

Cabinet will not enforce a curb on taxpayers’ use of cheques despite a clause in an omnibus budget bill, says the Department of Finance. Bill C-47 the Budget Implementation Act would mandate electronic payment of taxes over $10,000.

“The intention is not to force people to do things electronically if it is not possible or if they have been historically filing on paper,” said Lindsay Gwyer, director general of tax legislation at the finance department. Testifying at the Senate national finance committee, Gwyer said the bill was intended to promote digital filing not punish cheque users.

“The changes would allow employers or institutions that are issuing T4s or T5s to issue them electronically,” said Lindsay Gwyer, director general of tax legislation at the finance department. “It would still be possible for someone who wants to receive them on paper to request to receive them on paper but the rules confirm that it’s permissible for these institutions to issue them electronically if that’s what the recipients prefer.”

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