FameEX Morning Crypto News Recap | October 31, 2023

Bank of Spain Research Finds Limited Interest in Digital Euro Among Spaniards, 65% Unlikely to Adopt

A Bank of Spain survey on Spanish payment preferences highlights substantial skepticism regarding a digital euro, with 65% of respondents expressing reluctance to use it. These results emphasize the population's current satisfaction with conventional payment methods and the difficulties in fostering trust and acceptance of a digital euro.

US Treasury Deputy Secretary Rejects Cryptocurrency as Key Source of Terrorism Financing

U.S. Treasury Deputy Secretary Wally Adeyemo has stated that terrorist groups primarily rely on the traditional banking system for funding, with cryptocurrency not being their main source of financing. This statement was made in response to media reports suggesting that Hamas had raised significant funds through cryptocurrency.

Crypto Exchange Calls for Decreased Trading Taxes in India

An Indian cryptocurrency exchange is pressing the government to lower taxes on crypto transactions, asserting that the current tax regime is not achieving its intended goals. Introduced last year, this tax has prompted a notable migration of Indian crypto trading activities to foreign platforms.

Jed McCaleb-Backed Nonprofit Facilitates Improved Accessibility to AI Computing Resources

Navigation Fund, supported by Jed McCaleb, seeks to alleviate the AI chip shortage by offering leasable capacity for extensive machine learning models. They introduced a cloud service on October 29, providing flexibility through hourly, monthly, and long-term access options to address the rising demand for AI computing resources.

Biden's Executive Order Sets Fresh AI Safety Standards

President Biden's executive order builds on previous actions, incorporating AI safety commitments from 15 prominent industry companies. The updated standards encompass six key elements, focusing on ethical AI adoption in government, citizen privacy protection, and enhanced consumer data security. These initiatives aim to promote responsible AI practices and ensure the protection of privacy rights.

UK Unveils Stablecoin Regulation Framework

The UK government has updated its plans for regulating fiat-backed stablecoins to enhance their integration into the country's payment infrastructure. The proposal includes introducing dedicated legislation to Parliament in 2024, placing the regulation of these stablecoins under the oversight of the Financial Conduct Authority, as outlined in the document published on October 30.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​