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EIB Bemoans the Underinvestment in Blockchain and AI, Foresees a $12B Shortfall


The EIB says Blockchain technology and AI has a shortfall in funding to the tune of $12 billion. (Read More)

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The European Investment Bank (EIB) has highlighted broad underinvestment in blockchain technology and artificial intelligence.

According to a Reuters report Tuesday, the 27-bloc region lags behind the United States of America and China per investments in both technologies. 

While both the US and China account for more than 80% of the 25 billion euros of annual equity investments in blockchain and AI, the E.U only accounts for about 7% or 1.75 billion euros of the total funds. Per the investment rate, the European Union notably has a shortfall of 10 billion euros ($12 billion) in both technologies.

“Companies and governments in Europe are substantially underinvesting in AI and blockchain compared to other leading regions, and it has become clear that the European Union struggles to translate its scientific excellence into the business application and economic success,” the bank said in a report. 

The EU believes the duo of both technologies can help overhaul the primary sectors, which the COVID-19 pandemic has heavily hit. These sectors include the health and financial sectors, as well as in business intelligence, respectively. Despite recognising the shortfall in the financing, the EIB said the current market condition could make this gap widen more.

“EU and member state support schemes could plug part of the gap, but private markets will need to contribute the balance,” the bank said.

The EIB’s recommendation is coming when investors are generally enthused with American and Chinese markets. Some emerging tech firms and legacy institutions in Europe have favoured going public outside of the region, contributing to the build-up in the lack of investments in key emerging technologies. Besides these factors, the EIB highlights high upfront investment needs, lack of knowledge, and limited EU venture capital funds in both technologies. 

On its part, the EIB is building a bond sale platform using blockchain technology.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/eib-bemoans-the-underinvestment-in-blockchain-and-aiforesees-12b-shortfall

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MEHH Token Offering Scalable Digital Payment Solution to Merchants

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[PRESS RELEASE – Please Read Disclaimer]

Scalable solution, a blockchain company enabling cryptocurrency payments for merchants to receive or send instant payments.

Cryptocurrency is becoming a next-generation payment choice among merchants and customers. Every day, more and more people are using connected devices to make payments. The adoption of digital currency is not limited to laptops but also reaches across the industry like tablets, phones, IoT devices, and smartwatches.

The demand for digital tokens is rapidly increasing. Amalgamate of innovative and secure digital payment mode will help merchants to stay ahead in the game.

Merchants can now take advantage of MEHH Token to expand their horizons and grow their user base around the world. Just with a single integration, now merchants can add MEHH tokens to their existing application or exchange platform.

Value Proposition for Merchants and Customers

MEHH Token is built on a decentralized Ethereum Blockchain Technology. Its permissionless network allows merchants to accept digital payments. Our token delivers the following value proposition to owners:

Merchants:

  • Revise quick payment in MEHH token
  • Reduce the risk of the data breach
  • Foster customer trust
  • No debt and high liquidity
  • Low free and fast transaction speed

Customers:

  • Easy access to make payments
  • Offers smooth payment experiences
  • Secure transactions
  • Convenient to move, exchange, or withdraw
  • Extremely Low free and fast transaction speed

Our mission is to support the vision of enabling digital payments for merchants and customers. By allowing each partner to receive and send payment across the network, the MEHH token ensures instant transfer and safe transaction. We designed these capabilities to redefine the way merchants send or receive payments and transform the Fintech industry by developing a platform that makes a positive impact.

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Source: https://cryptopotato.com/mehh-token-offering-scalable-digital-payment-solution-to-merchants/

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Tanzania’s Central Bank Working on Adopting Cryptocurrencies

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A few years after banning the usage of digital assets within its borders, Tanzania is heading towards a full 180-turn. The nation’s central bank asserted today that it has begun working on a recent directive from the President to adopt cryptocurrencies.

  • CryptoPotato reported a few weeks back when Tanzania’s President – Samia Suluhu Hassan – highlighted the need for the country to adopt digital assets.
  • A Reuters reported from June 25th showed that Tanzania’s central bank plans to listen to Hassan’s words. The organization wants to be prepared for if or when the nation will need to use cryptocurrencies.
  • Interestingly, today’s statement from the bank shows an entirely different approach than the one undertaken in 2019.
  • Back then, the institution implemented a ban on operating with cryptocurrencies. It argued that the country had not recognized them as legal currencies and warned its citizens to stay away as they might lose money if they invested in such speculative assets.
  • Now, though, a spokesperson from the central bank reassured that the organization is “working on the directives given,” referring to President Hassan’s comments.
  • However, the bank’s representative failed to disclose details whether it will adopt Bitcoin and other currently existing digital assets or will tend to go with the Chinese route and create a CBDC.
  • This development comes shortly after news broke that El Salvador has become the world’s first nation to make Bitcoin a legal tender.
  • As reported in early June, the government of the small Central American nation voted in favor of the law, which will come into effect in September.
  • Since then, several other countries have outlined similar plans, including Paraguay and Panama.
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Source: https://cryptopotato.com/tanzanias-central-bank-working-on-adopting-cryptocurrencies/

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XRP lawsuit: Why SEC’s latest motion, Hinman’s deposition ‘should scare everyone’

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Until a week back, it was quite apparent that only the plaintiffs in the ongoing SEC v. Ripple lawsuit desperately wanted to depose additional people. However, it recently came to light that the defendants too intended to depose an additional office-bearer. With the sole hint of ‘former SEC official,’ the community started making its own guesses as to who would it be. Among the host of options available, two names stood out and seemed to be the most appealing – Jay Clayton and William Hinman.

In what is the latest development in the same, the SEC has now filed a motion to quash the deposition of its official. Unsurprisingly, the ‘former SEC official’ named by Ripple is SEC’s former Director in-charge of the Corporate Finance division, William Hinman. According to the plaintiff’s motion,

“To depose a former high-ranking government official like Director Hinman, Defendants bear the burden of showing ‘exceptional circumstances’ justifying the deposition.”

It should be noted that the purpose of the “exceptional circumstances” rule is to “protect the mental process” of government officials. As far as the defendants are concerned, they have claimed that they need to depose the official to elicit testimony on the SEC’s “internal views” and to develop evidence with respect to the “market participants’ views” based on Hinman’s interactions with members of the public. The SEC, on the contrary, argued,

“… these proposed inquiries… could be obtained by far less intrusive means.”

The SEC further stated that the answers the blockchain company seeks are protected by privilege since they relate to the everyday tasks of most high-ranking government officials. 

“Director Hinman has no personal, first-hand knowledge as to defendants’ offers and sales of XRP.”

Here, it should be noted that the official was a part of the SEC’s fact-gathering team that investigated Ripple’s conduct between 2018 and 2020. Additionally, he and his staff have also reviewed written submissions from the defendants’ council.

Further, the federal agency noted in its motion that XRP holders had shared false information about Hinman. Attorney John E. Deaton was quick to react, however, opining, 

“What’s false?… Maybe allowing the deposition to go forward will make future high ranking officials more accountable regarding the things that they say.”

Again, as known, Hinman made a public speech in 2018 where he explicitly stated that offers and sales of Ether were “not securities transactions.” However, at that time, he did not claim anything about XRP or Ripple. 

Further, in the exhibits attached with the motion, Hinman declared that the SEC has still not taken a call on whether the offer and sales of Ether fall under the category of securities. This menacing declaration, according to attorney James K. Filan, “should scare everyone.”


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Source: https://ambcrypto.com/xrp-lawsuit-why-secs-latest-motion-hinmans-deposition-should-scare-everyone

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