FameEX Morning Crypto News Recap | October 31, 2023

Bank of Spain Study: Majority of Spaniards Uninterested in Digital Euro, 65% Would Refrain from Adoption

A Bank of Spain study on Spaniards' payment habits reveals significant skepticism towards a potential digital euro, with 65% of respondents indicating they would not use it. These findings underscore the current comfort level with existing payment methods and the challenges in promoting trust and adoption of a digital euro.

US Treasury Deputy Secretary Dispels Notion of Cryptocurrency as a Primary Source of Terrorism Funding

U.S. Treasury Deputy Secretary Wally Adeyemo stated that cryptocurrency is not the primary source of funding for terrorist groups, emphasizing that these organizations still predominantly rely on the traditional banking system. This comes in response to media reports suggesting that Hamas had raised significant funds through cryptocurrency.

Cryptocurrency Exchange Advocates for Reduced Trading Taxes in India

A local cryptocurrency exchange in India is urging the government to reduce a tax on crypto transactions, claiming that it is not serving its intended purpose. The exchange argues that the tax, introduced last year, has led to a significant shift in Indian crypto trading volumes towards overseas platforms.

Nonprofit Supported by Jed McCaleb to Enhance Access to AI Computing Resources

Jed McCaleb's nonprofit, Navigation Fund, aims to address the AI chip shortage by providing leasable capacity for large machine learning models. They recently launched a cloud service on October 29, offering flexible access options, including hourly, monthly, and long-term leases, to help meet the growing demand for AI computing resources.

Biden Administration's Executive Order Establishes New AI Safety Standards

President Biden's executive order leverages previous efforts, including AI safety commitments from 15 prominent industry firms. The new standards encompass six key elements, addressing ethical AI deployment within government, ensuring citizen privacy, and enhancing consumer data protection. These measures aim to establish responsible AI practices and safeguard privacy rights.

UK Releases Framework for Regulating Stablecoins

The UK government has released an update to its plans for regulating fiat-backed stablecoins, intending to facilitate their use in UK payment systems. Specific legislation to regulate these stablecoins under the Financial Conduct Authority's oversight is planned for introduction to Parliament in 2024, according to 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.