FameEX Afternoon Crypto News Recap | April 6, 2023
India's Government Addresses Inquiries on Crypto Legalization and Combatting Fraud
The Indian government responded to questions from parliament regarding cryptocurrency legalization and fraud prevention. The Minister of State for the Ministry of Finance stated that crypto assets are unregulated in India and that frauds related to crypto are dealt with under existing laws against fraud and cybercrime.
US President Joe Biden Urges Tech Firms to Address Risks of AI
US President Joe Biden urged technology companies to ensure their AI products are safe before release. During a meeting with science and technology advisors, Biden recognized AI's potential for addressing issues such as disease and climate change but emphasized the importance of addressing potential risks to society, national security, and the economy. He stressed that the safety of AI is still uncertain, and companies must prioritize the security of their AI products.
Peru Contemplates CBDC to Enhance Payment System
The Central Reserve Bank of Peru has released a paper exploring the need, design, and timing of a central bank digital currency (CBDC), with a focus on retail CBDC. The report outlines issues related to payment systems in Peru, and how the introduction of a CBDC, combined with new policies to improve access and interoperability of existing systems, could help overcome barriers to financial inclusion and reduce transaction costs. This is the first in a series of papers examining a Peruvian CBDC.
Bitcoin Mining Firm in US Reaches Tentative Settlement to Reopen Niagara Falls Facility
US Bitcoin Corp, a cryptocurrency mining company, has reached a tentative settlement with the City of Niagara Falls after a prolonged legal dispute. As per the agreement, the company will have to pay various fees and fines, and take extensive noise control measures to reopen its mining operation. A state supreme court judge had previously ordered the company's plant to close in March. The settlement is yet to be approved by the city council.
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