CEO of BBVA Argentina: “AI is the Present of the Financial System”

Audy Castañeda
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CEO of BBVA Argentina: “AI is the Present of the Financial System”

Martín Zarich believes that AI will transform customer service, but that there are still procedures that require physical presence. Real-time customer support for any service with AI ​​would work 24/7. The CEO of BBVA Argentina considered that digital transformation is also about cultural change.

The CEO of BBVA Argentina, Martín Zarich, explained that Artificial Intelligence (AI) is “the present” of the financial industry, especially in customer service, and will continue to transform the future of banks. He pointed out that customers will only notice better financial logistics and fraud prevention.

In the forum Transformation, Digital Usability and Artificial Intelligence as a Transformation Model, the CEO of BBVA Argentina agreed that AI will help the financial system to interact with its customers, and that, in some cases, technology encourages banks to ” make that change.” In addition, he qualified for another advantage, such as 24/7 interaction.

BBVA: AI is Used in Argentina, but Clients “Don’t See It Directly”

However, Martín Zarich considered that the digital transformation of banks will be “more complex”, since not all of them have a digitally native business model. Regarding Argentina, he explained that there is a high link between financial services and cash, which still requires a physical network.

The CEO of BBVA Argentina explained the following:

“It is a great path to the future, but it is also the present. The customer does not see you directly, they will see your products. Obviously, it is a central issue of our logistics or fraud prevention, it is another dimension in which there is already artificial intelligence today, you just don’t see it directly as we are seeing it today with ChatGPT.”

For the CEO of BBVA Argentina, some services, such as mortgages, will require physical attention, or else, people will not trust virtual methods for this type of advice. He pointed out that AI is used in the country in aspects such as the analysis of expenses and income, virtual assistants, and optimization of cash reloading in the ATM network.

Days ago, the Ministry of Foreign Affairs discussed with the European Union the protection of personal data and AI. There, they agreed that AI will be essential for the productive revolution, but it requires changes to face specific challenges.

On August 11, BBVA Argentina posted on X that “Martín Zarich, executive president of BBVA in Argentina, participated in the event “The revolution of the digital economy”, organized by @LANACION, where he told how the Digital Economy is revolutionizing the financial industry.”

Argentina Accelerates National AI Strategy

Argentina is one of the countries in the region that is creating a national AI strategy. In May, the Ministry of Science announced that it was negotiating a loan with the Inter-American Development Bank (IDB). He did it to strengthen the Argentine scientific and university system, linked to data science and AI.

For the manager of BBVA Argentina, the adoption of AI or digital transformation is also about a cultural change:

“It is the most complex change, the one that does not come first, because there is a natural tendency in all of us, those of us who are not natives of this digital world, to think that the non-digital will continue to prevail. That persistence delays processes. You have to make a very big effort to change them.”

By Audy Castaneda

Cryptocurrency Adoption: 1 in 5 New Yorkers Already Have Crypto

Audy Castañeda
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Cryptocurrency Adoption: 1 in 5 New Yorkers Already Have Crypto

New York loves innovation, fashion, and money and has switched to Web3. The study carried out by Coinbase found that the perspective on cryptocurrencies among New York residents is increasingly positive, so citizens would be investing in these assets in the future.

The study carried out by Morning Consult at the request of Coinbase evaluates some critical aspects of the adoption, perception, and use of digital currencies in the city of New York, considered by many to be one of the local epicenters for technological innovation.

United States of Crypto is the name of a series of reports published by the Coinbase blog for a few months that aims to explore the US territories from the angle of cryptocurrencies.

Statistics, interviews, and various and varied data, the authors set out to get to know deep America and that of the big cities to identify the expectations, desires, fears, projects, and hopes of an entire people in the light of cryptos.

The Big Apple Already Loves Crypto

The first number that jumps out of the Coinbase article is 19%: 1 in 5 New Yorkers have cryptocurrency. if the report is to be believed. Additionally, the love story between the Big Apple and cryptos does not end there, since 30% of those surveyed say they agree with the following statement:

“Cryptocurrency makes the financial system fairer and is a worthwhile investment for the future.”

Among other data of interest, Coinbase highlights that New York is the headquarters of some 692 organizations related to Blockchain and/or cryptocurrencies and that to this is added around 52% of the companies that are part of the Fortune 100 group, which are already are exploring initiatives associated with these new technologies since the beginning of 2020, most of which are based in the state.

The Blockchain of Fashion with Morphew’s Example

Bridgette Morphew, who has made a specialty in clothing making by salvaging old vintage clothing with upcycling, works with her partner, Jason Lyons, also passionate about collecting and creating.

Being both personal followers of crypto, it was logical that their interests were intertwined. Here’s what Bridgette Morphew, who gave the brand its name, says:

“We are always pushing the boundaries of innovation and as an early adopter of cryptocurrency, I wanted to harness the power of Blockchain technology to archive unique fashion collectibles. (…) Crypto represents the future of fashion!”

To launch their NFT collection, the two technology and fashion lovers turned to the Arx platform that offers microchips to incorporate into clothing. Then it is enough for any user to scan the chip with the camera of their smartphone to show the digital version of said garment. Morphew’s Genesis NFT collection is therefore stored on-chain, allowing digital authentication, but also virtual exhibitions thanks to photorealistic 3D renderings that present the creations as works of art.

Therefore, doing all of this in New York was a no-brainer for Ms. Morphew, who considers this city to be the beating heart of fashion in the United States. There is also another, slightly more pragmatic reason, which he reveals to us with a small smile: New York is full of venture capital investment funds that love these types of projects.

Definitely, Americans have always known how to combine modernity, creativity, technology, and business, and Web3 is no exception to the rule.

By Audy Castaneda

Balearic Artists Propose Modifications to the European Law on Artificial Intelligence

Leonardo Perez
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Balearic Artists Propose Modifications to the European Law on Artificial Intelligence

The proposal is currently being processed in the European Parliament. The document presented by the artists brings up their concerns about the advancement of AI and the need to regulate it. Hollywood artists and writers have been carrying out protest measures against technology for months.

The Association of Visual Artists of the Balearic Islands has delivered a document to the Spanish MEPs proposing a series of modifications to the Artificial Intelligence Law. This proposal is in full development of its approval process in the European Parliament.

The artists understand that the “deregulation” of technology causes “serious moral and economic damage” to the cultural sector.

The Balearic group of artists has sent their claims to the MEPs through the “Report and Recommendations on the Protection of Visual Artists and artistic creations around Generative Artificial Intelligence (AI).

What Balearic Artists Ask Legislators on the European Law on Artificial Intelligence

The document presented was the work of 42 associations, unions and institutions that own creators and copyrights in the European area. All of them are grouped in the initiative ‘Initiative Urheberrecht’. The report explains the current operation of Generative AI and raises the need for specific changes to the Artificial Intelligence (AI) Act.

The organization speaks of “serious moral and economic damage that its deregulation is causing in all sectors of culture, especially in relation to copyright.” Specifically, they advocate regulation.

The Balearic entity hopes that the document allows a “greater understanding” of this new technological reality by MEPs. It also mentions “the importance of regulating its use in the European space, since it has a direct repercussion on the artists of the autonomous and national territory, and on their creations”.

Approval of the First Regulation on AI

As a recent precedent, the European Parliament approved a project to regulate the use of AI and, thanks to this step, open a path of negotiations with the 27 countries of the bloc. The idea originally raised is to be able to arrive at a regulation that has the most solid consensus possible by the end of 2023.

The vote on the so-called Artificial Intelligence Law had 499 votes in favor, 28 against and 93 abstentions. According to the official communication of the European legislative body, the final result of the text will depend on the dialogue between the countries. Negotiations with technology companies that develop AI must also be included in this intricate debate. If successful, the regulation would not enter into force until 2026.

The fundamental premise on which the regulations have been worked on has a clear indicator: the greater the risks to people’s rights or health, the greater the obligations for technological systems. In other words, more risk equals more regulation.

Hollywood Writers and Artists Strike against AI

The American actors’ union SAG-AFTRA has recently gone on strike. It was in response to the proposal of the Alliance of Film and Television Producers (AMPTP) to digitize the actors through artificial intelligence (AI).

Fran Drescher, the president of the actor’s union, has described as “insulting and disrespectful” the proposals established by the Alliance of Film and Television Producers. The determination of scriptwriters and actors translates into a historic standstill, materialized with the closure of Hollywood for the first time in 63 years.

By Leonardo Pérez

Bittrex Agrees to Pay $24 Million to Settle SEC Lawsuit

Audy Castañeda
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Bittrex Agrees to Pay $24 Million to Settle SEC Lawsuit

Bittrex agrees to pay $24 million in a settlement with the SEC over allegations of illicit revenue, without admitting or denying the allegations.

Cryptocurrency exchange Bittrex has reached an agreement to pay $24 million in a case with the United States Securities and Exchange Commission (SEC). The amount includes a repayment of $14.4 million, pre-judgment interest of $4 million, and a civil penalty of $5.6 million.

On August 10, the SEC posted on X the following:

“Today we announced that crypto asset trading platform Bittrex Inc. and its co-founder and former CEO, William Shihara, agreed to settle charges that they operated an unregistered national securities exchange, broker, and clearing agency.”

Allegations and Accusations

The SEC filed a lawsuit against Bittrex and its former CEO William Shihara in April, alleging that the Seattle-based exchange had failed to register as a broker, exchange, and clearing agency.

The agency claimed that Bittrex made at least $1.3 billion in illicit proceeds between 2017 and 2022. Gurbir S. Grewal, head of the SEC’s Division of Enforcement, stated that Bittrex worked with token issuers to “clean up” their online filings. of any indication that they were investment contracts, in an effort to evade federal securities laws.

As part of the settlement, Bittrex did not admit or deny the SEC’s allegations. This position is common in legal settlements, allowing the company to settle the case without formally acknowledging any wrongdoing.

Therefore, the SEC continues its crusade against crypto exchanges, which it accuses of selling cryptocurrencies that are financial securities to it.

When taken to court, these cryptocurrency companies often have no choice but to capitulate and settle these lawsuits out of court to avoid a long and expensive lawsuit that these cryptocurrency startups cannot afford financially.

The SEC’s Take on the Issue

 “For years, Bittrex worked with token issuers to ‘scrub’ their online statements of any indicia that they were investment contracts—all in an effort to evade the federal securities laws. They failed,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.

Grewal further commented that “Today’s settlement makes clear that you cannot escape liability by simply changing labels or altering descriptions because what matters is the economic realities of those offerings. I am grateful to the SEC staff for aggressively pursuing non-compliance in the crypto industry, resolving this matter, and bringing additional relief to harmed investors.”

Ongoing Problems with Regulators

Bittrex has faced problems with US regulators and authorities since last year. In 2022, the exchange house agreed to pay $29 million to resolve compliance cases with the US authorities for “apparent violations” of sanctions against countries such as Iran, Cuba and Syria.

In addition, in May, it filed for bankruptcy shortly after closing its US operations, arguing that it was not “economically viable” to continue operating in the “current US economic and regulatory environment.”

Overall, Bittrex’s settlement with the SEC marks another chapter in the complex relationship between cryptocurrency exchanges and regulators. The resolution of this case may offer insight into how authorities are addressing regulatory issues in the cryptocurrency space, and how companies are responding to an ever-changing legal environment.

The Bittrex story serves as a reminder of the importance of regulatory compliance and the potential consequences of not doing so.

By Audy Castaneda

Top Bitcoin News of the Week

Audy Castañeda
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0
Top Bitcoin News of the Week

Coinbase highlights cryptocurrency adoption and Blockchain innovation in New York, among other events of interest.

The news in the world of Bitcoin began this week with Vitalik Buterin’s statement regarding SBF, according to which the crypto community has never shown respect for the founder of FTX. Next, Coinbase publishes report on cryptocurrency adoption and Bitcoin innovation in NY.

The news continues with Futurama, the famous cartoon series, which in its most recent episode refers to Bitcoin in a humorous tone.

Interestingly, an Israeli retiree makes headlines by winning a significant sum of dollars in Bitcoin, and her struggle to deposit said amount.

This week’s news end with Adam Back betting 1 million satoshis that Bitcoin will hit $100K before Halving.

Vitalik Buterin on SBF: Crypto Community Never Respected Him

Vitalik Buterin, co-founder of Ethereum, revealed that the crypto community never had much respect for Sam Bankman-Fried, founder of FTX.

In a podcast, Buterin mentioned that many influencers and members of the crypto ecosystem despised Bankman-Fried and FTX from the start, due to their lack of a coherent view on the value of cryptocurrencies and their business-centric approach.

Coinbase Report Highlights Cryptocurrency Adoption and Blockchain Innovation in New York

Coinbase has published the fourth edition of its report on state-level crypto innovation in the United States, highlighting the state of New York.

Specifically, the report reveals that 19% of New York residents surveyed own cryptocurrencies and that a third believe that cryptocurrencies make the financial system fairer, considering them a valuable investment for the future. The report also highlights that New York is becoming a hub for Blockchain projects, with 692 organizations and more than 800 founders based in the state.

Futurama Teases Bitcoin Mining in Its New Season

In the third episode of the new season of Futurama, the sci-fi animated series pokes fun at Bitcoin miners. The episode parodies Bitcoin mining in the Wild West of the year 3023, where the main characters join on a search for “cheap, filthy electricity” to continue mining blocks.

In addition, the show pokes fun at the volatile price of Bitcoin, harvesting elements like thallium for mining chips, as well as showing the use of Ethereum and robot heads to mine cryptocurrency.

Israeli Retiree Wins $273,000 in Bitcoin and Struggles to Deposit It in Her Bank: A Case Solved

An Israeli retiree recently won $273,000 in Bitcoin, but ran into obstacles trying to deposit her winnings in her bank. The woman decided to launch a legal battle against the bank, seeking to resolve the issue and ensure her access to the legitimately earned funds.

After a lengthy legal process, both parties finally reached an agreement. The bank agreed to allow the retiree to deposit her Bitcoin earnings and provided assistance in making the transaction securely.

Adam Back Bets 1 Million Satoshis that Bitcoin Will Hit $100K Before Halving

Adam Back, CEO of Blockstream and a pioneer in the crypto space, has expressed optimism that Bitcoin will reach a new high of over $100,000 before the Halving in 2024.

To back up this claim, Back has accepted a one million satoshi bet with an anonymous Twitter user. The bet is on whether Bitcoin will reach this milestone before March 31, 2024, just before the event scheduled for April 26, 2024.

Although the bet is relatively modest compared to his estimated net worth, it reflects growing optimistic sentiment toward the Bitcoin price among market commentators and analysts ahead of the upcoming Halving.

By Audy Castaneda

Colombian Congress Will Present a Bill to Regulate Artificial Intelligence

Audy Castañeda
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0
Colombian Congress Will Present a Bill to Regulate Artificial Intelligence

The document proposes the creation of a Commission for Data Processing and Development with Artificial Intelligence. The bill states that human intelligence will prevail over Artificial Intelligence. It is expected that when implementing Artificial Intelligence, the goals of economic development and goals of social development will be included.

Artificial Intelligence would be regulated in Colombia, if a project that will soon be presented to Congress is approved.

The Colombian Senate recently presented a bill that seeks to establish public policy guidelines for the development, use and implementation of Artificial Intelligence in the country. The document also suggests creating a commission to endorse projects linked to these technologies.

Regulating Artificial Intelligence for its Use in Colombia

According to the project, Artificial Intelligence will be understood as computer programs that perform operations comparable to those performed by the human mind. This includes learning or logical reasoning.

Furthermore, the document states that human intelligence will prevail over Artificial Intelligence. The foregoing with the aim of predominating the values ​​of the human being and equity.

Similarly, the project proposes the creation of a Commission for Data Processing and Development with Artificial Intelligence. This body would be made up of the Ministers of Science, Technology and Innovation and the Minister of Information and Communication Technologies.

The Attorney General of the Nation, the director of the National Planning Department, and a representative of the universities would also be part of said commission.

Colombian Juan David Gutierrez, PhD in Public Policy, posted on X the following:

“For the fourth consecutive year, an artificial intelligence bill was filed in the Colombian Congress, registered as PL 059 2023 Senate.” The post includes a link to Gutierrez’s analysis in more detail.

Regulating Artificial Intelligence is key in everything related to the use of personal data. For this reason, this document also contemplates the obligation to expressly inform users about the processing of their data. Likewise, there is talk of the need to project and disseminate technical regulations for the use, development and implementation of said technology.

The bill was also presented for entities that develop growth and productivity policies. It is also expected that when implementing Artificial Intelligence, they will include economic development goals and social development goals.

The Scope of AI in Judicial Decisions

Recently, the Colombian Ombudsman’s Office submitted a request to the Constitutional Court to study the scope of AI in judicial decisions. The Ombudsman requested that the use of AI be evaluated, to preserve fundamental rights with the use of information technologies in the judicial field.

What the Ombudsman’s Office asks of the Colombian Constitutional Court is to establish clear precedents. At the same time, it asks to provide proportionate guidelines on the proper use of AI in judicial decisions.

With a current law on the use of Artificial Intelligence, what is requested by the Ombudsman’s Office would be established by Colombian law.

Other Countries that Have Worked to Regulate Artificial Intelligence

The UN made a special request in June for countries to regulate Artificial Intelligence. In the same month, the European Parliament approved a project following this request.

In Latin America, Argentina established a series of “Recommendations for a Reliable Artificial Intelligence”. The proposal seeks to establish clear rules so that the benefits of technological advances are taken advantage of by all sectors.

By Audy Castaneda

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