Central banks are exploring the adoption of artificial intelligence (AI) to enhance functions such as data analysis, economic forecasting, and payments, while facing significant risks including data security and reputational challenges. A report from the Bank for International Settlements outlines a governance framework and ten actionable steps for effective AI implementation, emphasizing the need for a robust risk management strategy. This initiative is a collaborative effort among central banks in the Americas, co-led by representatives from the Bank of Mexico and the BIS.
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News from PER
Generated 0 posts last week Betarena Revolutionizes Sports Media with Creator Ownership and Blockchain Technology
Betarena is revolutionizing sports media by empowering content creators through a blockchain-based platform that allows them to produce, share, and monetize sports content. With the launch of The Terminal, the platform utilizes large language models to generate event-specific content, enhancing creator-audience engagement and ensuring creators retain ownership and profits. The BTA token facilitates transactions and integrates across various partners, positioning Betarena as a unique player in the $354 billion global sports market.
read moreBIS Proposes Hybrid Model for Retail Central Bank Digital Currencies
The Bank for International Settlements (BIS) has proposed a hybrid model for retail central bank digital currencies (CBDCs) that combines central bank oversight with private sector roles. This framework allows central banks to maintain governance while private intermediaries manage user interactions, enhancing efficiency and privacy.Key features include tiered Know Your Customer (KYC) mechanisms, offline payment capabilities, and advanced functionalities like programmability and asset tokenization. The model aims to improve access for underserved populations and streamline financial processes, drawing on global examples to address technical challenges and promote dialogue among stakeholders.
read moreSwiss Government Funds Unpopular Film Reinas for Oscar Consideration
The Swiss government has invested CHF 740,000 in the film “Reinas,” which has grossed only CHF 123,000 and attracted just 7,000 viewers, costing taxpayers 100 francs per cinema visit. Despite its lack of popularity, the film, directed by a Swiss-Peruvian woman, is being sent to Hollywood for Oscar consideration, highlighting the federal focus on diversity in film funding.
read moreStand with Crypto PAC Endorses John Deaton Against Elizabeth Warren in Senate Race
John Deaton has received the endorsement of the Stand with Crypto PAC in his challenge against Senator Elizabeth Warren, highlighting a significant divide in crypto policy approaches. While Deaton advocates for the crypto industry and criticizes regulatory overreach, Warren emphasizes national security concerns and proposes stricter regulations. The Massachusetts Senate race is emerging as a key battleground for differing views on digital asset regulation.
read moreBetty Sanchez Emerges as Potential Successor to Romeo Lacher at Julius Baer
Betty Sanchez is reportedly being considered to succeed Romeo Lacher as Chairman of Julius Baer after he faced criticism over a significant loan issue. Having previously served as CEO for the Americas, Sanchez is enhancing her German skills, potentially positioning herself as a strong candidate for the role, despite concerns about her past performance in Latin America.
read moreTrump’s Crypto Ventures and Legislative Challenges in the Lame Duck Session
Amidst a potential lame-duck session, Rep. Patrick McHenry sees a chance for crypto legislation, including the FIT21 bill, to be attached to a spending bill. Meanwhile, Trump’s involvement in crypto, particularly with his WLF token, raises concerns about conflicts of interest and the Emoluments Clause, as Democrats may resist supporting crypto bills that could benefit the Trump family financially. Senate Majority Leader Chuck Schumer acknowledges the future of crypto but has not prioritized it in his legislative agenda.
read moreNemo Latam Launches Physical Bitcoin Offices to Enhance User Trust in Peru
Nemo Latam has opened physical offices in Lima, Peru, allowing users to buy and sell Bitcoin with personalized, face-to-face support, enhancing trust in cryptocurrencies. This initiative aims to improve accessibility and foster confidence in a sector often reliant on automated systems. Peru ranks among the top 50 countries for cryptocurrency adoption, driven by economic challenges and interest from indigenous communities, while authorities are considering a central bank digital currency to compete with cryptocurrencies.
read moreCo-Founder of OmegaPro Arrested for Alleged 4 Billion Dollar Crypto Scam
Andreas Szakacs, co-founder of the defunct OmegaPro crypto and forex platform, was arrested in Turkey for allegedly scamming investors out of $4 billion through a Ponzi scheme. He is accused of promising high returns via an automated trading algorithm, freezing accounts, and ceasing withdrawals in November 2022. Authorities confiscated crypto wallets and tracked over $160 million in transactions linked to the scheme, which is suspected to have ties to the infamous OneCoin scam.
read moreCo-founder of OmegaPro Arrested in $4 Billion Crypto Ponzi Scheme
Andreas Szakacs, co-founder of the collapsed OmegaPro platform, was arrested in Turkey for allegedly orchestrating a $4 billion Ponzi scheme that defrauded investors through false promises of high returns. Following a tip-off, authorities seized various devices and tracked over $160 million in transactions linked to the scheme, which reportedly targeted non-US users. OmegaPro, founded in 2019, began locking user accounts and halting withdrawals in late 2022, coinciding with regulatory warnings from multiple countries.
read moreEl Salvador Secures Historic Investment for Bitcoin City Development
El Salvador has announced a historic $1.62 billion investment from Turkish company Yilport to develop its seaports, crucial for the construction of the planned “Bitcoin City.” This mixed-ownership venture will operate the Acajutla and La Union seaports for the next 50 years, creating thousands of jobs and enhancing local infrastructure. The investment follows President Bukele’s 2022 visit to Turkey and comes as the country’s bonds have surged alongside Bitcoin’s price increase.
read moreThe Dynamic Relationship Between Financial Inclusion and Labor Informality in Peru
Financial inclusion and labor informality in Peru are closely linked, as workers in informal jobs often operate in cash-based systems and may find it burdensome to open a bank account. Research using Peruvian survey data from 2015-18 shows that becoming informally employed reduces the probability of entering the formal financial system by 8 percentage points and increases the likelihood of exiting from it by 9.3 percentage points. The study highlights the importance of formalizing the informal sector and expanding access to financial services to address these challenges.
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