Due diligence on cryptocurrencies a must before they are widely adopted: EU Finance Ministers

Finance ministers from the European Union have agreed that private digital currencies including Facebook’s Libra should not be allowed in the European Union until potential risks surrounding them are clearly addressed. The move confirms the tough stance claimed by the EU on stablecurrencies such as Facebook’s Libra, which incidentally has attracted criticism from global regulators…

U.S. Federal Aviation Administration revokes repair station certificate of Xtra Aerospace LLC

A report by Indonesian investigators states that Xtra Aerospace had miscalibrated a sensor on Lion Air 737 which gave erroneous readings and led to the activation of an anti-stall system which pushed the plane’s nose downwards and led to the crash of the aircraft. The U.S. Federal Aviation Administration (FAA) has issued an order which…

Security of cryptocurrency exchanges to be bolstered in Japan

Japan’s financial regulator is pushing to improve internal security in the country’s cryptocurrency exchanges. On Tuesday, in a development that marks Japan’s intent to increase its oversight of cryptocurrencies, Japan’s financial regulator stated, cryptocurrency exchanges will now require to strengthen internal oversight of “cold wallets” used to store digital money, said a source with direct…

European Commission looking to set up ethical guidelines for AI

The European Commission is looking to setup ethical guidelines for artificial intelligence which should be transparent, secure, have human oversight and have reliable algorithms. They should also be subject to privacy and data protection rules. The European Commission stated, companies working with artificial intelligence need to install accountability mechanisms that prevent the misuse of AI.…

Employees want more oversight and transparency over Google’s Dragonfly project

In 2006, Google had entered China only to leave in 2010 over an escalating dispute with regulators that was capped by what security researchers identified as state-sponsored cyberattacks against Google and other large U.S. firms. According to a transcript of a meeting between Google’s CEO and its employees, the search engine giant is not close…

Commonwealth Bank of Australia to organise launch of blockchain-based bond for World Bank

This development essentially cements blockchain’s future in the coming years. Its adoption will slash costs, boost transparency and will revolutionize the finance industry from what we know it today. In what is likely to be a milestone for blockchain technology, Commonwealth Bank of Australia has won a mandate from the World Bank to organize a…

U.S. Administration efforts aimed at mitigating issues arising out of Beijing’s ‘Made in China 2025’

The U.S. Administration is increasingly boosting efforts to tilt, what has so far been so far in recent history, a one-sided affair, of collaboration and forced technology transfer from the U.S. to China. Beijing’s Made in China 2025 industrial policy has opened the administration’s eye to China’s furtive motives of leveraging the dual benefits of…

IBM Corp and Apple Inc call for heightened oversight on the usage of personal data

The misuse of Facebook data by consultancy firm Cambridge Analytica affected more than 50 million users. With Facebook Inc’s data being misused by consultancy firm Cambridge Analytica, affecting more than 50 million users, executives from IBM and Apple Inc have called for more oversight on how personal data is being used. Speaking at the 3-day…