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India Working On 5-point Crypto Legislation As Ban Is Ruled Out

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Sirmike Wednesday, 8 May 2024, 4:29 pm

India Working On 5-point Crypto Legislation As Ban Is Ruled Out

The Indian government is working on a 5-point crypto legislative framework, with a global approach. This was confirmed by Sidharth Sogani, CEO of Crebaco, which has worked with government agencies and ministries, in an interview with Cointelegraph.

The 5-point legislative framework is reportedly based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB). It is expected to cover the following areas:

Definition of cryptocurrencies: The framework will provide a clear definition of cryptocurrencies and other virtual digital assets.
Classification of cryptocurrencies: The framework will classify cryptocurrencies into different categories, such as securities, commodities, or currencies.
Regulation of cryptocurrency exchanges and other intermediaries: The framework will regulate the activities of cryptocurrency exchanges and other intermediaries, such as custodians and wallet providers.
Taxation of cryptocurrencies: The framework will provide clarity on the taxation of cryptocurrencies.
Consumer protection: The framework will include measures to protect consumers from fraud and other risks associated with cryptocurrencies.

The Indian government has ruled out banning cryptocurrencies, but it is keen to regulate them in order to protect consumers and prevent them from being used for illicit activities. The 5-point legislative framework is a welcome development, as it will provide much-needed clarity and certainty for the cryptocurrency industry in India.

It is unclear when the 5-point legislative framework will be finalized and implemented, but Sogani has said that it could happen within the next five to six months.

Meta is building an AI model to rival OpenAI’s most powerful system

Yes, that is correct. Meta is reportedly building a new AI model that is designed to rival OpenAI’s most powerful system, ChatGPT. The new model is expected to be released sometime in 2024 and will be trained on a massive dataset of text and code.

Meta has been ramping up its AI investments in recent years, and the development of this new model is a sign that the company is serious about competing in the AI space. Meta is already a leader in social media and virtual reality, and the addition of a powerful AI model could give the company a significant advantage in these and other areas.

Here are some of the potential applications of Meta’s new AI model:

Generating realistic and engaging content for social media. Meta could use the model to generate personalized news feeds, create new types of interactive content, and improve the accuracy of its translation tools.
Developing new features for the metaverse. Meta could use the model to create more realistic avatars, generate virtual worlds, and develop new ways for people to interact with each other in the metaverse.
Improving the performance of Meta’s products and services. Meta could use the model to improve the accuracy of its search results, develop more personalized recommendations, and detect and prevent fraud.

The development of Meta’s new AI model is an exciting development, and it will be interesting to see how it compares to OpenAI’s ChatGPT and other leading AI models.

This platform enables NFT creation with email: Why it’s important for legal teams

Niftyz is a new Web3 infrastructure platform that enables NFT creation with email. This is a significant development for legal teams, as it provides a number of advantages, including:

Simplified IP protection: Niftyz Send simplifies IP protection by allowing legal teams to tokenize creative work, intellectual property, legal proceedings, insurance policies, or sensitive documents. This creates a transparent and verifiable record of ownership and authenticity, which can be used to protect against unauthorized use or infringement.
Enhanced access to justice: Niftyz Send can also be used to send legal proceedings to wallets for fraud-related cases. This can help legal teams to streamline their processes and enhance access to justice for their clients.
Improved communication and collaboration: Niftyz Send can also be used to send blockchain-certified messages as NFTs. This can help legal teams to improve communication and collaboration with their clients and other stakeholders.

In addition to these specific benefits, Niftyz Send is also a user-friendly platform that is easy to use for both legal teams and their clients. This makes it an ideal solution for legal teams that want to embrace the Web3 revolution and protect their clients’ interests in the digital world.

Here are some specific examples of how legal teams can use Niftyz Send:

A law firm can use Niftyz Send to send a cease and desist letter to the creator of an unauthorized NFT campaign that is using its client’s trademark.
An insurance company can use Niftyz Send to send an insurance policy to a client’s crypto wallet.
A lawyer can use Niftyz Send to send a client a copy of a legal document that is signed and notarized on the blockchain.
A legal team can use Niftyz Send to send a confidential message to a client or colleague in a secure and verifiable manner.

Overall, Niftyz Send is a powerful tool that can be used by legal teams to improve their efficiency, protect their clients’ interests, and embrace the Web3 revolution.

G20 nations reaffirm responsible use and development of AI technology

Yes, on November 11, 2023, the G20 nations reaffirmed their commitment to the responsible use and development of artificial intelligence (AI) technology. In a joint declaration, the G20 leaders recognized the potential of AI to improve lives and economies around the world, but they also stressed the importance of addressing the risks associated with AI, such as bias, discrimination, and job displacement.

The G20 leaders called for a “human-centric” approach to AI development, which means that AI systems should be designed and used in a way that respects human rights and values. They also called for the development of international norms and standards for AI, to ensure that AI is used safely and ethically around the world.

The G20 leaders’ reaffirmation of their commitment to responsible AI is a significant step forward. It shows that the world’s leading economies are united in their desire to harness the power of AI for good, while also mitigating the risks.

Here are some specific actions that the G20 nations have pledged to take to promote the responsible use and development of AI:

Invest in research and development (R&D) on AI safety and ethics. This includes funding research on how to mitigate bias in AI systems, ensure that AI systems are aligned with human values, and develop mechanisms for human oversight of AI systems.
Develop international norms and standards for AI. This will help to ensure that AI is used safely and ethically around the world.
Promote the adoption of responsible AI practices by industry. This includes encouraging businesses to develop and implement ethical guidelines for the development and use of AI systems.
Support the development of an AI-ready workforce. This includes investing in education and training programs to help people develop the skills they need to thrive in an AI-driven economy.

The G20 nations’ commitment to responsible AI is a positive development. However, it is important to note that the implementation of these pledges will be key. It will be important to monitor the G20 nations’ progress and hold them accountable for their commitments.

Leveraging automated trading tools can be a game-changer in the volatile crypto market

Absolutely. Automated trading tools can be a game-changer in the volatile crypto market by helping traders to:

Save time and effort. Automated trading tools can take over the repetitive task of monitoring the markets and executing trades, freeing up traders to focus on other aspects of their trading strategy.
Reduce human error. Automated trading tools can help to reduce human error, which is a major cause of losses for many traders.
Implement risk management strategies. Automated trading tools can help traders to implement risk management strategies, such as stop-losses and take-profits, which can help to protect their capital.
Take advantage of market opportunities 24/7. Automated trading tools can trade 24/7, which means that traders can take advantage of market opportunities even when they are asleep or away from their computer.

Here are some specific examples of how automated trading tools can be used in the crypto market:

Grid trading bots: Grid trading bots can be used to automatically buy and sell crypto assets within a specified price range. This can be a good way to profit from sideways price movements.
Dollar-cost averaging (DCA) bots: DCA bots can be used to automatically buy crypto assets at regular intervals, regardless of the current price. This can be a good way to reduce risk and build wealth over time.
Arbitrage bots: Arbitrage bots can be used to automatically buy and sell crypto assets on different exchanges at the same time, taking advantage of small price differences.
Social trading bots: Social trading bots allow traders to copy the trades of other, more experienced traders. This can be a good way for beginners to learn how to trade and start making profits.

It is important to note that automated trading tools are not a magic bullet. They can help traders to improve their results, but they cannot guarantee profits. Traders should always carefully backtest their trading strategies before using them in a live trading environment.

Here are some tips for using automated trading tools effectively:

Choose the right tool for your needs. There are many different automated trading tools available, each with its own features and capabilities. Choose a tool that is appropriate for your trading style and experience level.
Backtest your strategies. Before using an automated trading tool in a live trading environment, backtest your strategies thoroughly on historical data. This will help you to identify any potential problems and make necessary adjustments.
Set stop-losses and take-profits. It is important to set stop-losses and take-profits on all of your trades, even when using an automated trading tool. This will help to protect your capital and limit your losses.
Monitor your trades closely. Even though automated trading tools can do the heavy lifting for you, it is important to monitor your trades closely. This will help you to identify any problems early on and take corrective action if necessary.

If used correctly, automated trading tools can be a valuable tool for crypto traders of all experience levels.

France launches a certificate for ‘finfluencers,’ including crypto

Yes, France launched a certificate for “finfluencers,” including crypto, in September 2023. The certificate is called the Responsible Influence Certificate in Financial Advertising, and it is a voluntary program designed to help influencers promote financial products in a responsible and ethical manner.

The certificate program covers a wide range of topics, including:

The risks associated with financial products, such as cryptocurrencies
The importance of disclosing financial relationships with companies
How to avoid misleading or deceptive marketing practices

To earn the certificate, influencers must pass a 25-question multiple-choice exam with a score of at least 75%.

The certificate program is a joint initiative of two French regulatory agencies: the Autorité des Marchés Financiers (AMF) and the Autorité de Régulation Professionnelle de la Publicité (ARPP). The AMF is the French financial markets regulator, and the ARPP is the French advertising self-regulatory body.

The launch of the certificate program is a positive step for the French financial industry and for consumers alike. It shows that France is committed to protecting consumers from financial fraud and scams. It also provides influencers with the tools and knowledge they need to promote financial products in a responsible and ethical manner.

It is important to note that the certificate is not mandatory. However, influencers who choose to earn the certificate will be able to demonstrate their commitment to responsible financial marketing. They may also be able to attract more clients and partners as a result.

TradFi goes crypto: Finance giant brings decades of experience to new crypto exchange

The article “TradFi goes crypto: Finance giant brings decades of experience to new crypto exchange” discusses the launch of MultiBank.io, a regulated crypto exchange from traditional finance giant MultiBank Group. The article highlights how MultiBank Group’s expertise in TradFi, which spans over two decades, will help to bring stability, trust, and prosperity to the crypto space.

MultiBank.io is a significant development in the TradFi goes crypto trend, as it shows that major traditional financial institutions are increasingly taking crypto seriously. The exchange offers top-tier security and swift trade execution for major cryptocurrencies with free fiat deposits. This is likely to appeal to a wide range of users, including both experienced crypto traders and those who are new to the asset class.

The article also quotes the CEO of MultiBank.io, Zak Taher, who says that the company is not entering the crypto space merely to seize an opportunity, but rather to contribute to a vision of stability, trust, and prosperity. This suggests that MultiBank Group is committed to helping to build a sustainable and thriving crypto ecosystem.

Overall, the article is a positive sign for the future of crypto adoption. The launch of MultiBank.io shows that major traditional financial institutions are increasingly seeing the value in crypto and are willing to invest in the space. This is likely to lead to greater legitimacy and trust for crypto, which will help to drive further adoption.

Here are some of the potential benefits of TradFi going crypto:

Increased legitimacy and trust for crypto
Greater access to crypto for traditional finance users
More innovation and development in the crypto space
Reduced costs and friction for crypto transactions
Increased liquidity in the crypto market

Coinbase issues clarification after reports of it ceasing services in India

Yes, Coinbase issued a clarification on September 11, 2023, after reports circulated that it was discontinuing services for its Indian users. The company stated that the reports were incorrect and that it is committed to the Indian market.

The clarification came after TechCrunch and Economic Times reported that Coinbase India users had received emails informing them that all services would be discontinued by September 25, 2023. The emails reportedly urged users to withdraw any funds that remained on the exchange.

Coinbase spokesperson stated that the emails were sent to a specific group of users who had breached the company’s standards. The spokesperson added that Coinbase is committed to India over the long term and is exploring ways to strengthen its presence in the market.

As of today, November 4, 2023, Coinbase India users are still able to withdraw their funds and send them to other crypto service providers. However, new user sign-ups on the exchange product remain disabled.

It is unclear when Coinbase will resume exchange services in India. The company is likely waiting for clearer regulatory guidance from the Indian government.

However, Coinbase’s commitment to the Indian market is a positive sign. India has a large and growing crypto community, and Coinbase is one of the world’s leading crypto exchanges. The company’s entry into the Indian market would be a major boost for the crypto ecosystem in the country.

In Conclusion:

The temporary suspension of Coinbase’s exchange product in India has raised concerns among the crypto community. While it is uncertain when the services will be resumed, the fact that Coinbase remains committed to the Indian market is encouraging. With India’s increasing interest in cryptocurrencies and Coinbase’s reputation as a leading exchange, their entry into the country would undoubtedly have a significant impact on the local crypto ecosystem. It is hoped that Coinbase and the Indian government can work together to establish clear regulatory guidelines, allowing for the seamless operation of their exchange services in the future.