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"A key risk are the potential gaps in central banks’ internal capabilities and skills," the report by the BIS Consultative Group on Risk Management said. The central banks of Brazil, Canada, Chile, Colombia, Mexico, Peru and the United States are represented in the group. Source
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The industry is highly regulated and has access to a large amount of sensitive data, which means that banks and supervisors will have to be “comfortable about the risks that accompany the institutionalization of AI,” the report said, noting that dialogue between the industry and regulators is ongoing. Source
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Milei, a self-described anarcho-capitalist, has been supportive of bitcoin, calling it "the return of money to its original creator, the private sector." He has not, however, proposed making the world's largest cryptocurrency legal tender in the country. Source
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Senator Elizabeth Warren’s proposed Digital Asset Anti-Money Laundering Act, aimed at combating crypto-related scams, ignites a complex debate over the balance between regulation and innovation in the digital finance arena. In a Nov. 16 hearing, Senator Elizabeth Warren (D-Mass) voiced concerns about cryptocurrency’s role in financial scams, particularly those targeting older
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In a recent filing for a spot Bitcoin ETF, BlackRock, the world’s largest asset manager, has highlighted the indirect risks posed by stablecoins, emphasizing the nuanced complexities of the crypto market. BlackRock, the world’s largest asset manager, has made headlines with its application for a spot Bitcoin Exchange-Traded Fund (ETF). The
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U.S. prosecutors claim SafeMoon CEO Braden John poses “serious risks of flight.” SafeMoon (SFM) CEO Braden John will not get a quick resolution of his case as prosecutors have secured a hold on his bail release, citing flight risk concerns. A New York judge delayed SafeMoon CEO Braden John Karony’s bail on
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The United Kingdom’s government is in danger of regulating nonfungible tokens (NFTs) in a way that doesn’t suit the true nature of the nascent technology, says Mintable CEO and founder Zach Burks. In an interview with Cryptox, Burks said he believes a recent report from a U.K. parliamentary committee significantly exaggerates the
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OpenAI, the artificial intelligence (AI) research and deployment firm behind ChatGPT, is launching a new initiative to assess a broad range of AI-related risks.OpenAI is building a new team dedicated to tracking, evaluating, forecasting and protecting potential catastrophic risks stemming from AI, the firm announced on Oct. 25.Called “Preparedness,” OpenAI’s
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Far too often, regulators, policy makers, and commentators have looked at potential stablecoin regulation and assessed the risks relative those presented by the institutions facilitating these traditional forms of payments. I believe that stablecoins do not present more or less risk, but rather different risks. In one sense, the fully-backed
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While the development of artificial general intelligence (AGI) comes with a truckload of benefits, it also comes with massive risks if the technology falls into the wrong hands. However, decentralization using blockchain technology might help prevent a catastrophe, according to Janet Adams, chief operating officer of the artificial intelligence and
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