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On Thursday, Bitcoin hit a record $48,000 mark after America’s oldest bank, New York Mellon announced that they will provide custody for digital assets. BNY Mellon said that it would begin financing cryptocurrencies and will eventually allow crypto assets to pass through the same financial network it currently uses for more traditional holdings like the U.S. Treasury bonds and equities. Even Mastercard flaunted its interest in crypto. On Wednesday, Mastercard released a statement. BTC’s unprecedented rallying– up more than 60% this year– also comes after Elon Musk’s Tesla announced that it had purchased $1.5 billion worth of bitcoin and would soon accept it as a form of payment.
Twitter’s CEO, Jack Dorsey, was also among the big names who have backed crypto. Jack announced that he would be funding Bitcoin development in countries like India and Africa. Last week we read that India’s Reserve Bank is reportedly in plans to introduce an official digital currency for the country. According to the rumored Cryptocurrency and Regulation of Official Digital Currency Bill, Indian government can ban private cryptocurrencies in India.
Whatever your opinions on cryptocurrencies, wrote Raj Dhamodharan of Mastercard, from a dyed-in-wool fanatic to utter skeptic — the fact remains that these digital assets are becoming a more important part of the payments world.
After Canada, Sweden Slams Clearview AI
Controversial facial recognition tech maker Clearview AI was slammed by the Canadian regulators for unlawful practices who found that Clearview AI scraped billions of images of people from across the Internet, which according to Canada, represented mass surveillance and was a clear violation of privacy rights. This week, the Swedish Authority for Privacy Protection concluded that Clearview AI has been used by the Police on a number of occasions. The Swedish watchdog concluded that the law enforcers have failed to fulfill its obligations as a data controller on a number of accounts with regards to the use of Clearview AI. “The Police have failed to implement sufficient organisational measures to ensure and be able to demonstrate that the processing of personal data in this case has been carried out in compliance with the Criminal Data Act,” read the press release. Clearview AI had been used unlawfully by the police to process biometric data for facial recognition.
Automakers Hit By Chip Shortage
There is a global chip shortage and the auto industry is bearing the brunt. Semiconductor industry is struggling to compensate for the unforeseen delays caused by…