A group of Paraguayan lawmakers is spearheading a bill that seeks to enact a temporary ban on cryptocurrency mining operations in Paraguay for 180 days or until the industry’s activities are properly regulated. The bill alleges that 28% of the energy losses of the National Power Administration (ANDE) correspond, in part, to illegal bitcoin mining […]
Source link
The Kenyan government plans to roll out its digital identification system in December 2023 after the testing period, which will take a couple of months. According to the president of Kenya, William Ruto, whose speech at the East Africa Device Assembly Kenya plant in Athi River was cited by local media on Oct. 30:
“The digital ID, which has been a major problem to us for a very long time, is now on testing mode for the next two months. I have been assured by all the stakeholders and the ministries concerned that by December we will be able to launch digital IDs.”
Digital IDs will be introduced in the country, along with Maisha Namba, a system of lifelong personal identification numbers assigned to Kenyan citizens upon registration. The joint ID system will help the country digitize its registries and provide citizens with swifter access to state, educational and medical resources.
Related: Kenya forms parliamentary committee to investigate Worldcoin
As the Principal Secretary of Immigration and Citizen Services, Julius Bitok, explained in August:
“The digital identity system will provide Kenyans with a secure and reliable way to verify their identity for a variety of purposes, including accessing gov’t services, opening bank accounts, and traveling […] It will also help to reduce fraud and corruption, and improve efficiency.”
In September, Bitok urged private businesses to embrace the digital ID systems, as they “enable innovative solutions like mobile banking and agent networks, transforming e-commerce processes.” He promised that the government will ensure the design of the digital ID will “facilitate commerce and ease business transactions.”
In June 2023, the Central Bank of Kenya expressed its doubts about the necessity of implementing a central bank digital currency in the short to medium term, referring to “other innovative solutions around the existing ecosystem” that could address Kenya’s “pain points” in payments.
Magazine: The truth behind Cuba’s Bitcoin revolution: An on-the-ground report
After a series of remarks about the potential benefits of a central bank digital currency (CBDC) for the national economy, the Central Bank of the Argentine Republic said it has accelerated its work on legislation to implement the CBDC workflow in the country.
On Oct. 18, during a public discussion on the Filo News channel, Argentina Central Bank director Juan Agustín D’Attellis Noguera revealed that the central bank is working on the legislative framework for the digital peso CBDC project recently proposed by the Minister of Economy and presidential candidate Sergio Massa.
Related: Latin America takes global lead in preference for centralized exchanges: Report
According to Noguera, the project will be presented “as soon as possible” and introduced to the Congreso de la Nación Argentina — the country’s parliament. The official hailed Massa’s approach to the CBDC and implicitly criticized the position of another presidential candidate, Bitcoin-friendly Javier Milei, who has been publicly proclaiming the “dollarization” of the Argentine economy.
It is not the first time Noguera has stepped in to defend the idea of a CBDC. In early October, he expressed his belief that a digital peso could help stabilize the Argentine economy as soon as 2024. In the official’s opinion, the key feature of the CBDC is its traceability, which would allow the government to collect taxes.
On Oct. 2, Massa committed to introduce a digital peso should he win the election, aiming to address Argentina’s enduring inflation issue. As per the latest election polls, Massa is marginally behind Javier Milei, who advocates adopting the United States dollar as Argentina’s official currency while opposing the central bank’s role in the economy.
Magazine: The Truth Behind Cuba’s Bitcoin Revolution: An on-the-ground report
On June 29, the Chicago Mercantile Exchange (CME) Group announced its plans to introduce Ether/Bitcoin Ratio futures. The launch of these futures contracts is slated for July 31, subject to regulatory review.
Efficiently capture the relative value of ether and bitcoin in a single trade with Ether/Bitcoin Ratio futures, launching July 31. https://t.co/WDFhIt5rJ7
— CME Group (@CMEGroup) June 29, 2023
According to the announcement, the settlement of Ether/Bitcoin Ratio futures will be in cash, based on the final settlement price of CME Group’s Ether (ETH) futures divided by the final settlement price of CME Group’s Bitcoin (BTC) futures. Moreover, this new contract will adhere to the identical listing cycle observed in CME Group’s Bitcoin futures and Ether futures contracts.
Giovanni Vicioso, CME Group’s global head of cryptocurrency products, emphasized the potential for relative value trading opportunities between Ether and Bitcoin. Vicioso highlighted that while these two assets have historically displayed high correlation, their market dynamics may now vary, making it possible to capitalize on their performance differences. He added:
“With the addition of Ether/Bitcoin Ratio futures, investors will be able to capture ether and bitcoin exposure in a single trade, without needing to take a directional view. This new contract will help create opportunities for a broad array of clients looking to hedge positions or execute other trading strategies, all in an efficient, cost-effective manner.”
CME Group made its initial foray into the cryptocurrency market by introducing the first Bitcoin futures contract in December 2017. This was followed by the introduction of an Ether futures contract in February 2021. Recognizing the growing demand for cryptocurrency investment opportunities, CME Group further expanded its offerings in 2022 by introducing micro BTC and ETH futures contracts, providing traders with additional options to engage in these digital assets.
Related: CME Group to launch 3 metaverse reference rates
On April 17, CME Group announced plans to expand its cryptocurrency options by introducing new options for standard and micro-sized Bitcoin and Ether contracts. These new contracts were set to become available from May 22, pending regulatory review.
The expansion included daily expiries from Monday to Friday, allowing traders to better manage short-term price risks. This move aimed to offer market participants increased precision and flexibility in managing Bitcoin’s and Ether’s short-term price risks amid heightened volatility in the digital asset sector.
Magazine: How to resurrect the ‘Metaverse dream’ in 2023
On June 20, a bipartisan group of United States lawmakers introduced a bill to establish a commission to study the country’s approach toward artificial intelligence (AI).
The bill’s primary objective revolves around establishing regulations in the AI industry. The act comes hot on the heels of consumer protection groups in the European Union (EU) urging regulators to conduct investigations on AI models behind popular chatbots.
The bipartisan National AI Commission Act was introduced by Representatives Ted Lieu, Ken Buck and Anna Eshoo. The bill proposes the creation of a national body to formulate a comprehensive framework for regulating AI.
The act aims to address the potential risks associated with AI technology, with Lieu emphasizing the importance of preventing harm that can arise from unregulated AI. The commission will bring together experts, government officials, industry representatives and labor stakeholders to achieve this. Their collective efforts will focus on providing recommendations for effective AI regulation, according to the lawmakers.
Merve Hickok, president of the Center for AI and Digital Policy, voiced support for the National AI Commission. She said the proposal is timely and crucial, as it would establish essential regulations for AI and facilitate public involvement in shaping the nation’s AI strategy. The center has previously cautioned about the U.S.’s unpreparedness to address future AI challenges.
Hickok considers the proposal to form a commission a positive move forward and commended the lawmakers on the initiative.
Related: Biden to discuss dangers of AI in San Francisco meeting with experts
This development comes after persistent calls from numerous influential figures in the tech industry, such as billionaire Elon Musk and others, who have emphasized the necessity of implementing measures to moderate the pace of AI advancement. Notably, Sam Altman, CEO of OpenAI creator ChatGPT, has recently expressed his concerns regarding the urgent need to regulate the AI industry effectively.
Magazine: Is AI a nuke-level threat? Why AI fields all advance at once, dumb pic puns