Fri. AM-PM Seeds of Wisdom Crypto Update(s) 9-20-24

(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)

Seeds of Wisdom

AI NEWS: UN CALLS FOR GLOBAL AI GOVERNANCE AS META & OPENAI FACE CHALLENGES

AI News: UN advisory body proposes 7 recommendations for global AI governance to address risks, transparency, and unequal development.

▪️UN advisory urges global AI governance, highlighting risks of concentrated power among a few AI companies.
▪️Global AI fund proposed to aid developing nations, ensuring fair capacity and collaboration in AI deployment.
▪️OpenAI restructures safety oversight amid criticism, creating an independent body to oversee AI model safety.

AI News: The United Nations has issued seven recommendations for reducing the risks of artificial intelligence (AI) based on input from a UN advisory body. The final report of the council’s advisory body focuses on the importance of developing a unified approach to the regulation of AI and will be considered at a UN meeting scheduled for later this month.

AI News: UN Calls for Global AI Governance

The council of 39 experts noted that large multinational corporations have been able to dominate the development of AI technologies given the increasing rate of growth, which is a major concern.

The panel stressed that there is an ‘unavoidable’ need for the governance of artificial intelligence on a global scale, since the creation and use of artificial intelligence cannot be solely attributed to market mechanisms.

According to the UN report, to counter the lack of information between the AI labs and the rest of the world, it is suggested that a panel should be formed to disseminate accurate and independent information on artificial intelligence.

The recommendations include the creation of a global AI fund to address the capacity and collaboration differences especially in the developing countries that cannot afford to use AI.

The report also provides recommendations on how to establish a global artificial intelligencedata framework for the purpose of increasing transparency and accountability, and the establishment of a policy dialogue that would be aimed at addressing all the matters concerning the governance of artificial intelligence.

While the report did not propose a new International organization for the regulation, it pointed out that if risks associated with the new technology were to escalate then there may be the need for a more powerful global body with the mandate to enforce the regulation of the technology. The United Nation’s approach is different from that of some countries, including the United States, which has recently approved of ‘a blueprint for action’ to manage AI in military use – something China has not endorsed.

Calls for Regulatory Harmonization in Europe

Concurrent with the AI news, leaders, including Yann LeCun, Meta’s Chief AI Scientist and many CEOs and academics from Europe, have demanded to know how the regulation will work in Europe.

In an open letter, they stated that the EU has the potential to reap the economic benefits of AI if the rules do not hinder the freedom of research and ethical implementation of AI.

Meta’s upcoming multimodal artificial intelligence model, Llama, will not be released in the EU due to regulatory restrictions, which shows the conflict between innovation and regulation.

The open letter argues that excessively stringent rules can hinder the EU’s ability to advance in the field, and calls on the policymakers to implement the measures that will allow for the development of a robust artificial intelligence industry while addressing the risks.

The letter emphasizes the need for coherent laws that can foster the advancement of AI while not hindering its growth like the warning on Apple iPhone OS as reported by CoinGape.

OpenAI Restructures Safety Oversight Amid Criticism

In addition, there are concerns about how OpenAI has positioned itself where the principles of safety and regulation of AI are concerned.

As a result of the criticism from the US politicians and the former employees, the CEO of the company, Sam Altman, stepped down from the company’s Safety and Security Committee.

This committee was formed in the first place to monitor the safety of the artificial intelligence technology and has now been reshaped into an independent authority that can hold back on new model releases until safety risks are addressed.

The new oversight group comprises individuals like Nicole Seligman, former US Army General Paul Nakasone, and Quora CEO Adam D’Angelo, whose role is to ensure that the safety measures put in place by OpenAI are in line with the organization’s objectives.

This United Nations AI news comes at the heels of a---------s of internal strife, with former researchers claiming that OpenAI is more focused on profit-making than actual artificial intelligence governance

@ Newshounds News™

Source: CoinGape

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CARDANO FOUNDER TO MEET ARGENTINA PRESIDENT, TALK CRYPTO ECONOMY

Cardano founder Charles Hoskinson is set to meet with Argentina president Javier Milei to discuss the role of crypto in the global economy. Milei is widely known for his belief in Bitcoin as an asset class. Subsequently, the two are set to discuss how blockchain can be used for the benefit of global infrastructure.

Both Hoskinson and Milei will meet at the Tech Forum Argentina on October 19th. Hoskinson said that the conversation will be surrounding the future of blockchain in economic and political systems throughout the world. Moreover, they will place an emphasis on what can benefit Argentina specifically.

Cardano Founder to Meet With Argentina’s Milei to Talk Blockchain Potential

In December of last year, Argentina opted to elect radical presidential candidate Javier Milei. With the country’s economy in a horrid state, citizens believed in the change that Milei could bring. His arrival came with a shift in perspective. For crypto, that has been a positive thing.

Now, the country could be looking to integrate crypto even more. Reports show that Cardano founder Charles Hoskinson is set to speak with Argentina’s president to talk about the game-changing power of blockchain technology and crypto. Specifically, how that technology can reform political and economic systems.

“We’ve had many discussions with his administration, and I’m going to meet him probably on the 19th, but at some point, if not then within that time frame,” Hoskinson told Cointelegraph. “We’ve been discussing with people that work with him and form what blockchain’s future is going to look like,” he added.

Additionally, Hoskinson noted that “it’s not a Cardano-only conversation, there’s a whole family of technologies.” This ensures that the talks will center more around blockchain, and less around Hoskinson’s singular developments.

Yet, that doesn’t change the positive sentiment Cardano has enjoyed recently. A recent poll saw ADA dominate both Ethereum and Solana, according to some traders. Specifically, those market participants prefer the technology of Cardanon as opposed to both ETH and SOL.

@ Newshounds News™

Source: Watcher Guru

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RIPPLE’S BOLD CLAIM : THE U.S. CRYPTO MARKET IS FALLING BEHIND ASIA

Ripple’s APAC Managing Director, Fiona Murray, has expressed concerns that the United States is lagging behind regions like Singapore and the UAE in fostering a crypto-friendly environment.

During Token2049 in Singapore, Murray emphasized that while the U.S. has significant potential, it remains far behind in crypto regulation and innovation.

Much of Ripple’s growth and innovation has been driven by Singapore, a region that offers a “stable environment” with solid infrastructure, regulatory clarity, and active support from banks like DBS, Southeast Asia’s largest bank. This contrasts with the U.S., where a “lack of open-mindedness” has pushed many crypto founders to more supportive regions.

E-------s Alone Won’t Fix U.S. Crypto Challenges

Murray believes that even though the U.S. is behind, there is still time to catch up, but it will require more than just favorable e------n outcomes.

She noted that true progress hinges on enabling U.S. banks to support Web3 and blockchain projects, something already happening in countries like Singapore.

Murray remains skeptical that the upcoming e-------s will provide a quick solution, emphasizing the need for regulatory and infrastructural clarity.

Despite recent high-profile events, such as former President Donald Trump purchasing a burger with Bitcoin and signs that some U.S. lawmakers are warming to crypto, Murray believes the e------n alone won’t solve the U.S.’s crypto challenges.

She stressed the need for a supportive banking community, adequate infrastructure, and a shift in regulatory attitudes to create a thriving environment for digital assets.

Ripple’s Resilience: Battling the SEC

Murray’s comments come against the backdrop of Ripple’s ongoing legal battle with the SEC. Ripple Labs was recently ordered to pay a $125 million fine for allegedly using its XRP cryptocurrency as an unregistered security.

Though the fine is substantial, Ripple CEO Brad Garlinghouse viewed the court’s decision as a win for both Ripple and the broader crypto industry, given that the original SEC proposal was reduced by 94%.

In conclusion, while the U.S. has significant potential to lead the crypto space, regions like APAC are currently setting the pace, and it may take more than e-------s to shift the tide.

@ Newshounds News™

Source: CoinPedia  

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US TREASURY SANCTIONS TWO BANKS FROM RUSSIA AND SOUTH OSSETIA

Inclusion in the sanctions list entails the freezing of assets in the US and a ban on American citizens and companies doing business with sanctioned persons and entities

WASHINGTON, September 19. /TASS/. The US Department of the Treasury has imposed sanctions against Russian citizen Dmitry Nikulin, as well Timer Bank PJSC and Stroytreyd LLC from Russia and as International Settlement Bank LLC from South Ossetia, according to a written statement by the financial department.

Inclusion in the sanctions list entails the freezing of assets in the US and a ban on American citizens and companies doing business with sanctioned persons and entities.

As Washington claims, the persons that came under restrictions “have enabled and supported ongoing efforts to establish illicit payment mechanisms between Russia and the D--------c People’s Republic of Korea (DPRK).” They allegedly “have assisted DPRK and Russian sanctions evasion,” and were involved in “the funding of the DPRK’s unlawful weapons of mass destruction (WMD) and ballistic missile programs” and support Russia’s special military operation in U-----e.

“The growing financial cooperation between Russia and the D--------c People’s Republic of Korea (DPRK) directly threatens international security and the global financial system,” Matthew Miller, spokesperson of the US Department of State said in a press statement.

Sanctions were also imposed on a number of legal entities that were already subject to American restrictions. These include the Russian Financial Corporation bank, T---s Kapital LLC, Center for International Settlements (CMRBank LLC) and the Pyongyang-based Korea Kwangson Banking Corp.

@ Newshounds News™

Source: TASS

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THE EXACT TIMING OF THE GLOBAL CURRENCY RESET | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts  

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Source: Dinar Recaps

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BRICS POWER SURGE SPARKS ECONOMIC WARNING FROM JPMORGAN CEO—CRYPTO SEEN AS A HEDGE

▪️Jamie Dimon warned about the rising government deficits, elevated public spending, and geopolitical challenges like the growing influence of the BRICS bloc.

▪️The JPMorgan CEO expressed concerns over the U.S. economy, highlighting the risks of stagflation—persistent high inflation alongside stagnant growth.

JPMorgan Chase & Co. CEO Jamie Dimon recently raised alarms about a potential economic crisis in the United States. 

He emphasizes the impact of rising inflation and geopolitical challenges as the BRICS bloc gains power. Speaking at the Council of Institutional Investors in New York this week, Dimon expressed concerns over the country’s economic outlook.

Dimon also hinted that the challenges could go far beyond a typical recession. On Wednesday, September 18, the Federal Reserve made its first interest rate cut in four years as inflation is inching closer to the Fed’s 2% target. Despite this reduction, Dimon cautioned that the economy remains on shaky ground.

Fed Rate Cuts Won’t Solve The Inherent Problems In US Economy

The decision to lower rates comes after interest rates had previously surged to a 23-year high, a measure taken by the central bank to curb inflation. However, many experts, including Dimon, worry that the country’s economy might not yet be in the clear.

One of Dimon’s primary concerns is the possibility of stagflation, wherein there is stagnant economic growth alongside high inflation. During the event in Brooklyn, Dimon said, “I would say the worst outcome is stagflation—recession, higher inflation. And by the way, I wouldn’t take it off the table.”

His remarks underscore the unease surrounding the U.S. economy, with inflation still out of control despite recent monetary policy changes. Dimon further highlighted that inflationary pressures could persist due to several key factors. On the other hand, the BRICS bloc poses different challenges while moving away from the USD.

These include rising government deficits and increased public spending, which could keep inflation elevated. Moreover, the high interest rates that persisted for years make it difficult to predict a swift recovery for the economy.

“They’re all inflationary, basically in the short run, the next couple of years,” Dimon said. He further added, “It’s hard to look at [it]and say, ‘Well, no, we’re out of the woods.’ I don’t think so.”

Recently, the world’s largest asset manager BlackRock stated that the spot Bitcoin ETF could be a good diversification tool amid the rising US debt, per the CNF report.

The BRICS Factor In-Play

Dimon’s warnings come at a time when the United States is facing growing competition on the global stage. The BRICS (Brazil, Russia, India, China, and South Africa) bloc has been pushing efforts to reduce reliance on the U.S. dollar, commonly referred to as “de-dollarization,” as reported by Crypto News Flash.

This shift could weaken the dollar’s dominance in global markets.  Moreover, it could further strain the U.S. economy as the debt has risen to a whopping $35.27 trillion. In addition, the rise of blockchain-based financial solutions could pose an additional threat to the USD’s long-standing supremacy.

@ Newshounds News™

Source: Crypto News Flash

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TURKISH BANKS WANT TO STOP TRANSACTIONS WITH RUSSIA, TRANSFER THEM TO ONE BANK — SOURCE

The issue reportedly concerns private and state-owned Turkish banks that do not have foreign partners, mainly Western ones

ANKARA, September 19. /TASS/. Almost all Turkish banks are virtually trying to stop servicing transactions related to Russia and transfer them to only one local financial institution, an informed source in the field of Turkish financial consulting told TASS.

“Based on the current situation, almost all Turkish banks virtually want to completely withdraw from transactions with Russia and Belarus. They would like to leave all these transactions to Emlak Katilim Bank in order to protect themselves from possible future problems in the form of restrictions and sanctions,” the source said.

The issue concerns private and state-owned Turkish banks that do not have foreign partners, mainly Western ones. Financial institutions with Western participation have already effectively stopped servicing transactions related to Russia.

The source noted that “only Emlak Katilim Bank carries out trading transactions in the Russian ruble/Turkish lira pair”.

Earlier, Russian Ambassador to Turkey Alexey Erkhov, commenting on the situation in the interbank sphere, told TASS that Turkish banks are increasingly “squeezing out companies” involved in the transit of goods to Russia, blocking their transfers and closing their accounts.

@ Newshounds News™

Source: TASS

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GOVERNMENT BITCOIN RANKINGS: SURPRISING PLAYERS EMERGE IN 2024

▪️The US leads global Bitcoin holdings with $12.16B, primarily from law enforcement seizures.
▪️Bhutan leverages BTC mining for income, holding $782.46M in cryptocurrency reserves.

Arkham Intelligence has published its newest government Bitcoin holdings leaderboard, which provides an intriguing view of global cryptocurrency strategy among nation-states. The United States leads the pack, with a stunning $12.16 billion in BTC.

This vast hoard, totaling around 203,239 BTC, is mostly the result of law enforcement seizures, most notably the Silk Road case. The US government’s approach to managing these assets is not static; regular transactions suggest active management with the goal of leveraging the portfolio.

This position, along with other digital assets such as Ethereum, demonstrates a diverse approach to optimizing returns from their cryptocurrency portfolio.

Also, the United Kingdom is second, with $3.67 billion worth of Bitcoin, or around 61,245 BTC. Unlike the United States, the UK government has taken a more passive approach to management. There have been no large cryptocurrency transactions in the recent few years, with the last substantial shift coming three years back.

This shows that the UK is more interested in holding its Bitcoin as a long-term investment than trading or diversifying into other digital assets.

Bhutan and El Salvador: Contrasting BTC Strategies with Global Impact

Bhutan’s ranking on the leaderboard is surprising and impressive. As we previously reported, with $782.46 million in Bitcoin, or 13,047 BTC, the little Himalayan country is the third-largest government BTC holder. Bhutan’s plan is unique in that it is actively involved in Bitcoin mining operations.

The cash earned by mining pools such as “Foundry USA Pool” and “Ant Pool” benefits the country’s economy, making cryptocurrencies an important component of Bhutan’s financial ecosystem.

Bhutan also holds smaller amounts of Ethereum, valued at roughly $1.51 million, as well as other altcoins, demonstrating a more diverse portfolio than El Salvador, which focuses only on Bitcoin.

Further, El Salvador, which is well-known for using Bitcoin as legal tender, is ranked fourth on the ranking. Its government has $351.75 million in Bitcoin, which equates to 5,877 BTC. Unlike other countries, El Salvador’s plan relies entirely around Bitcoin, which is consistent with the country’s overall economic policies.

The Salvadoran government carefully controls its Bitcoin holdings and conducts daily trades. Over the last year, its portfolio has fluctuated, but it has recently steadied at around $350 million. Despite the inherent dangers and volatility associated with Bitcoin, El Salvador remains completely committed to the cryptocurrency experiment.

One of the most notable adjustments in the rankings is Germany’s decline from possessing $3.56 billion in BTC to having none. This significant reduction in ownership indicates a total exodus from Bitcoin; however, the reasons for this shift remain unknown.

@ Newshounds News™

Source: Crypto News Flash

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KOREA  PREPS TOKENIZED DEPOSIT, WCBDC PILOT WITH 100,000 USERS THIS YEAR

Today the Korea Times reported that 100,000 individuals will participate in large scale pilots of tokenized deposits later this year, citing sources.

However, it said the deposit tokens will be “akin to using vouchers”, consistent with previously announced plans. A year ago the Bank of Korea announced plans for a wholesale central bank digital currency (wCBDC) to support the interbank settlement of tokenized deposits from banks.

It subsequently said there would be trials involving up to 100,000 people starting in September or October this year.

In June, two government institutions announced funding for a voucher project being developed by the central bank where the deposit tokens can be used for welfare, culture, education and other services.

However, today’s report states the vouchers in the pilot will be used to buy goods at convenience stores.

Last year the Bank of Korea said the voucher trials, which sound similar to Singapores’s Purpose Bound Money concept, would have two parts. All banks will participate in one trial. Another test will allow banks more leeway in the programmability.

The central bank said the Korea Financial Telecommunications and Clearings Institute will be the smart contract management agency.

So far six major commercial banks are involved, but there’s no final decision on which institutions will take part. NH NongHyup Bank was mentioned as one of the participants.

“While the timeline seems slightly delayed compared to our initial expectations, we are working to launch the CBDC test involving 100,000 participants using deposit tokens by the end of the year, which would be a globally significant milestone,” a banking industry official told Korea Times.

Korea’s cross border CBDC work

Meanwhile, the Bank of Korea is also involved in Project Agorá, the BIS cross border payment initiative to tokenize correspondent banking that involves seven central banks and 41 institutions.

That initiative also involves six Korean banks, Hana Bank, Industrial Bank of Korea, KB Kookmin Bank, NongHyup Bank, Shinhan Bank and Woori Bank. Additionally, Korea is an observer of mBridge, the other BIS cross border payment initiative.

@ Newshounds News™

Source: Ledger Insights

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What is Money Explained Simply! YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts    

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Source: Dinar Recaps

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