Month: June 2023

BoE Reassures Britons Digital Pound Will Be Privacy-Centric CBDC

The Bank of England (BoE) has made extensive research on the best format for developing a digital pound to supplement the fiat system. The Bank of England (BoE) is working on re-establishing the pound as the preferred global reserve currency through a Central Bank Digital Currency (CBDC). The rise of the digital economy post-Covid-19 global pandemic through the cryptocurrency market has most governments thinking about moving to decentralized ledger technologies (DLTs). Moreover, the use of the digital economy is not only sustainable but also scalable to international markets. Consequently, the…

ByBit’s MVP license in Dubai ‘very restricted,’ CEO says

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Dubai-headquartered cryptocurrency exchange Bybit already operates out of Dubai, but its current licensing doesn’t allow the firm to serve all customers, according to Bybit CEO. Bybit FinTech FZE, a subsidiary of the global exchange Bybit, on June 27 announced it received the Minimum Viable Product (MVP) preparatory license by Dubai’s Virtual Assets Regulatory Authority (VARA). According to the CEO, Bybit is currently working hard to gain a full market product (FMP) license in Dubai, which will allow the exchange to operate for a full spectrum of customers in the United…

Bitcoin IRA vs. traditional IRA

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When it comes to retirement planning, there are a variety of investment options available to help individuals save for their golden years. Since 1974, a traditional IRA has been a popular option. A relatively new type of IRA option is a Bitcoin IRA or crypto IRA. While both of these investment vehicles have the goal of helping individuals prepare for retirement, they differ significantly in how they work and the potential risks and rewards associated with each option.  History of the IRA IRAs provide a tax-advantaged retirement account that allows…

Swiss National Bank to Launch Wholesale CBDC (wCBDC) Pilot Soon

The decision to prioritize wholesale CBDCs, which involve tokenized securities, showcases the SNB’s commitment to thoroughly assess and manage any associated risks before considering the introduction of retail CBDCs. The Swiss National Bank (SNB) is set to create a digital currency known as a wholesale central bank digital currency (wCBDC). According to a Reuters report, the announcement was made by the head of SNB, Thomas Jordan, during a Point Zero conference in Zurich yesterday, 26 June. wCBDC by Swiss National Bank The wCBDC will be issued on the SIX digital…

Google says its next AI ‘Gemini’ will be more powerful than ChatGPT

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The CEO of Google’s artificial intelligence (AI) subsidiary DeepMind said the company’s forthcoming AI system would be “more capable” than OpenAI’s ChatGPT. According to a report from Wired, Demis Hassabis, the CEO of DeepMind, says the company’s Gemini AI is a large language model (LLM) that utilizes text similar to ChatGPT’s processes, but will be equipped with new capabilities like planning or problem-solving. The system will be based on technology and techniques used in AlphaGo, an early AI system developed by DeepMind in 2016. “At a high level, you can…

WhatsApp Business Announces 200M Active Users and Launches Personalized Customer Messages 

WhatsApp Business is introducing new paid features as it announces its monthly active users are now more than 200 million. Meta Platforms-owned WhatsApp Business, a version of the instant messaging app built for small businesses, now has over 200 million users. According to Meta CEO Mark Zuckerberg, this is a 4x jump from three years ago. In 2020, 2 years after its launch, WhatsApp Business announced a monthly active user (MAU) count of 50 million. Meta is now touting the advantages of business messaging as the company records a decrease in…