Indian Government Responds to Queries on Crypto Legalization and Anti-Fraud Measures
In relation to cryptocurrency legalization and fraud prevention, the Indian government provided answers to questions raised in parliament. The Minister of State for the Ministry of Finance clarified that crypto assets are presently unregulated in India, and that any fraud associated with crypto is tackled through existing laws covering fraud and cybercrime.
US President Joe Biden Calls on Tech Companies to Tackle Risks Posed by AI
At a meeting with science and technology advisors, US President Joe Biden called on technology companies to prioritize the security of their AI products before release. While recognizing AI's potential for tackling issues like disease and climate change, Biden emphasized the importance of addressing potential risks to society, national security, and the economy. He expressed concerns over the safety of AI, highlighting that uncertainties still exist, and urged companies to address these risks to ensure safe and secure AI products.
Peru Considering CBDC to Improve Payment Infrastructure
The Central Reserve Bank of Peru has published a paper examining the need, design, and timing of a retail central bank digital currency (CBDC), in addition to the issues associated with payment systems in the country. The report suggests that the introduction of a CBDC, along with new policies that enhance the accessibility and interoperability of existing systems, could help the central bank overcome financial inclusion barriers and lower transaction costs. This is the first in a series of papers that will explore the concept of a Peruvian CBDC.
US Bitcoin Mining Company Agrees to Tentative Settlement for Reopening Niagara Falls Facility
US Bitcoin Corp, a crypto mining firm, has reached a preliminary settlement with the City of Niagara Falls following a lengthy legal dispute. Under the agreement, the company will pay a range of fees and fines, and implement comprehensive noise control measures to restart its mining operations. The company's plant had been closed in March by a state supreme court judge. The tentative settlement requires approval from the city council.
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