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According to Sky News: Yemeni sources say Yemeni air defense forces responded to a Houthi drone attack over Mocha, Hodeidah province.According to Fox News, Harvard has made a significant investment of up to $2.2 billion in SpaceX (SPCX.O).On August 16th, Iranian Foreign Ministry spokesman Bagaei stated on the 15th that the current situation in the Strait of Hormuz is a direct result of the "illegal actions" of the United States and Israel. Recently, the US and Iran have engaged in fierce exchanges over the Strait of Hormuz, with both sides making frequent statements and refusing to compromise. Analysts point out that the continued standoff and irreconcilable differences may lead to a cyclical situation, making full navigation through the Strait of Hormuz unlikely in the short term. Analysts believe that the current standoff between the US and Iran over the Strait of Hormuz makes significant concessions from either side unlikely in the short term. Unless the US decides to launch a new large-scale military strike against Iran, the ongoing stalemate will not change significantly, and Trumps ambition to "defeat Iran" and "incorporate the Strait of Hormuz into US territory" will remain mere rhetoric.On August 16th, it was reported that the Houthi rebels in Yemen have launched a series of large-scale missile and drone attacks on the important port of Mocha. On the 15th, the port administration announced that the attacks had caused severe damage to port infrastructure, and all port operations had ceased. Mocha is one of Yemens most important ports, strategically located only 65 kilometers from the Bab el-Mandeb Strait and 6 kilometers from international shipping lanes connecting the Indian Ocean, the Arabian Sea, the Red Sea, and the Suez Canal. According to port officials, between August 9th and 14th, Mocha was attacked by 40 ballistic missiles and 46 drones. In addition, ships carrying explosives also launched attacks on the port from the water.On August 16th, it was reported that the Fujian Provincial Government recently issued the "Fujian Province 15th Five-Year Plan for Emerging Industries and Future Industries Development," outlining the promotion of nine future industries. Among these initiatives is the promotion of AI+ application demonstrations, the in-depth implementation of the "Artificial Intelligence+" leading demonstration action, the acceleration of Fujians artificial intelligence industry development, and the deep integration of AI with various fields such as industry, healthcare, education, and human resources. Support will be provided for the application and innovation of AI technology across the entire process, from R&D and design to pilot testing, manufacturing, marketing, and operational management. The plan also includes improving AI infrastructure construction, accelerating the construction of a province-wide integrated computing network, promoting the construction of public intelligent computing centers in Fuzhou, Xiamen, and Zhangzhou, and rationally allocating edge computing nodes; strengthening and expanding artificial intelligence pilot-scale bases, and collaborating with national strategic scientific and technological forces to create the AI for Science platform; and implementing the "Data Element ×" action, building high-quality datasets that meet AI-Ready requirements in key areas such as government affairs, healthcare, and marine sectors, promoting the construction of provincial data annotation bases, and building a data resource development service system. To foster an AI development ecosystem, we will build high-quality provincial-level AI industrial parks and AI industrial clusters in Fuzhou, Xiamen, and Quanzhou, and cultivate "AI+" enterprises in a tiered manner; support the joint construction of innovation platforms to tackle key technologies such as intelligent chips and core algorithms; support AI-native entrepreneurship and promote AI-native organizational innovation; and encourage various regions to explore the construction of low-cost, open OPC1 innovation communities to provide services such as prototype development for vertical fields.

Indian Crypto App CoinSwitch Chief Insists Clear Rules on Digital Coins

Jimmy Khan

May 24, 2022 09:40

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According to CoinSwitch CEO Ashish Singhal, creating crypto standards will eliminate regulatory ambiguity in India and protect investors.

 

Cryptocurrency legislation is gaining a lot of traction throughout the world, but it seems to be a genuine puzzle in India. Despite seeming to have reached a decision on crypto taxes, the Indian government is still working on a framework for the industry.


Furthermore, the cryptocurrency industry in the nation has recently grown in popularity, particularly among the youth. According to a Chainalysis research, India is one of the world's fastest-growing crypto marketplaces, with a 641 percent increase from July 2020 to June 2021.

The CEO of CoinSwitch Wants More Clarification on Cryptocurrency Regulation

Various crypto sector firms in India have asked the government for clarification on cryptocurrency legislation. Even India's Supreme Court has requested the government to clarify if bitcoin (BTC) is lawful.


In the midst of the controversy, India's leading crypto app CoinSwitch's CEO Ashish Singhal appealed for regulatory "peace and predictability" on Sunday. He believes that this will help to alleviate the present uncertainties and protect crypto investors.


He emphasized his worries about the various uncertainties that crypto holders in India face at the World Economic Forum in Davos. "Users don't sure what will happen with their assets — is the government going to prohibit, not ban, how will it be regulated?" he told Reuters.


In addition, he emphasized the need of rules. "Regulations will offer tranquility and greater predictability," Singhal said.


CoinSwitch has a market valuation of $1.9 billion and over 18 million users, despite delisting stablecoins TerraUST and LUNA after the Terra network's failure. A16Z, Tiger Global, and Coinbase Ventures are among the investors in the Bengaluru-based startup.


CoinSwitch, like other major exchanges, has blocked rupee deposits, making it more difficult for consumers.

Filling regulatory loopholes

Having 'clarity' in crypto legislation, according to Singhal, might provide comfort to holders and enhance the country's crypto business.


The latest tax adjustments, new crypto advertising restrictions, and the recent ban on celebrity endorsements, according to Singhal, are still important efforts to simplify the business.


Coinbase, a global cryptocurrency exchange, opened in India in April. It stopped using an inter-bank money transfer service weeks after it was launched (UPI). The Reserve Bank of India and the government have been pressuring the exchange to disable the UPI payment facility, according to the exchange's CEO.


Given the decentralized nature of digital assets, Singhal said that authorities are concerned about criminal actors. Furthermore, citing financial instability, the central bank approved the prohibition of cryptocurrency. The RBI was concerned that cryptocurrency may lead to an economy's "dollarization."


"We are pressing for restrictions," Singhal remarked. We can get clarity with the correct legislation."