Recently, seven foreigners have collected their Salvadoran passports as part of the “Adopting El Salvador” programme. This innovative project, announced via the social network X (formerly known as Twitter) by Bitcoin Beach, has simplified the process for those wishing to donate bitcoin to the country.

According to the publication, participants expressed satisfaction with the simplified process and were happy to contribute through bitcoin. El Salvador is expected to reach the threshold of 1,000 citizenships before the price of BTC reaches a new all-time high.

The program, called “Adopting El Salvador – Apply for the Freedom Visa,” was presented by the Salvadoran government on December 7. The Deputy Minister of Foreign Affairs, Adriana Mira, and the issuer of the stablecoin Tether (USDT) collaborated on this initiative.

Investors interested in obtaining citizenship must commit to an investment of “$1 million in bitcoin or USDT”. The process begins with a non-refundable deposit of $999 in bitcoin, which is then credited to the full amount.

Although the total amount raised has not yet been disclosed, the programme aims to reach $1 billion for El Salvador if all available places are filled. This would allow investors to contribute to the country’s international tourism landscape and catalyse economic growth with a focus on social change.

Paolo Ardoino, CEO of Tether, highlighted the importance of this initiative to support the financial freedom of cities and communities. Being chosen as a technology provider underscores the importance of using technological capabilities to drive innovation and growth in the region.

K. Tovar

Source: Cointelegraph

(Reference image source: Traxer, Unsplash)

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La entrada El Salvador continues to issue passports to investors apareció primero en Bitfinance.

The Salvadoran government has inaugurated the “Adopta El Salvador Freedom Visa Program“, aimed at attracting 1,000 investors willing to contribute one million dollars in Bitcoin or the stable cryptocurrency USDt annually.

The Press Secretariat of the Presidency, in a statement shared on social network X, noted that the program is looking for large-scale investors willing to contribute $1 million to finance projects in culture, security, technology and social welfare. The program’s official website specifies that the “exclusive residency invitation” is limited to 1,000 participants per year.

Among the projects identified to receive these investments are interventions in schools, improvements in public health infrastructure, increased access to health services, strengthening road connectivity and telecommunications, according to the Press Secretary.

“Those who join the program will have the opportunity to contribute to the development of El Salvador, becoming an active part of the transformation into a technological hub and a unique tourist destination,” the Press Secretary said.

It was announced that the selected investors will get a special visa, and the execution of the program will feature technology from Tether, the leading company in the cryptocurrency industry.

El Salvador adopted bitcoin as legal tender in September 2021, becoming the first nation in the world to do so. Although the country has invested more than $250 million in this project, the population has not massively adopted the cryptocurrency, and there are concerns about its use to irregularly fund election campaigns ahead of the 2024 elections.

In addition, the $1 billion Volcan Bonds were expected to be issued in 2022 to finance the construction of Bitcoin City, but this financial move did not materialize.

K. Tovar

Source: Bancaynegocios

(Reference image source: Traxer, Unsplash)

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La entrada El Salvador inaugurated a cryptocurrency investment program apareció primero en Bitfinance.

Competition in the field of generative artificial intelligence finally caught up with the technology company Samsung, which has launched Gauss, with the capacity to process natural language, edit and program.

Samsung’s novelty was recently announced during the artificial intelligence forum organized by South Koreans. His name, Gauss, was selected “in honor of the mathematician and astronomer Carl Friedrich Gauss. The model today is only available to the employees of the Asian company, although the intention is to begin applying it in its different products in the future.”

The Samsung Research team had been working on this generative AI so that its actions “can be processed both in the cloud and within a device.”

Samsung zealously handles the issue of security in the use of Artificial Intelligence, applying monitoring campaigns in all processes.

Samsung Gauss “is subdivided into three different models.” Language can create and process natural language in text format. “He is able to summarize and translate documents, or compose emails.”

Then there is Code, a platform that helps the company’s engineers program using a wizard called code.i, which works on this model.

And in third place is Image, “a generative AI dedicated to the creation and editing of images.”

At the moment, Gauss is being used to optimize Samsung’s internal work, and the company has not issued details of when it could hit the market. It is assumed that it will take a few months, although the progressive introduction on smartphones, tablets, watches, desktop computers and smart home devices is not ruled out.

M.Pino

Source: hipertextual

(Reference image source: Babak Habibi, Unsplash)

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La entrada Samsung launches its own generative artificial intelligence called Gauss apareció primero en Bitfinance.

The United States Federal Reserve announced a significant expansion of its supervision program aimed at banks in the country that operate in the field of cryptocurrencies and blockchain technology.

In a statement issued on August 8 by the Federal Reserve Board, the “Innovative Activities Oversight Program” was introduced. This program aims to restrict certain operations related to cryptocurrencies and create a more equitable environment for banks that provide services in the digital asset industry.

This initiative is in addition to a regulation previously announced by the Board on January 27, the purpose of which is to ensure that all banks under Fed supervision are subject to the same restrictions when it comes to cryptocurrency operations.

The activities that will be regulated under this new program include the custody, lending, trading, issuance or distribution of cryptocurrencies, including stablecoins. The provision of banking services to companies related to digital assets is also regulated, as well as collaboration with entities that use distributed ledger technologies, as detailed in an official communication from the Board.

The Federal Reserve indicated that the primary objective of this program of innovative activities is to balance financial innovation with appropriate risk management, in order to ensure the stability and soundness of the banking system in general.

Banks enrolled in the program and participating in “risk-based” activities will be subject to evaluation by the Federal Reserve Board. This council will evaluate whether the new operations are in accordance with US policies and laws.

Importantly, these policies will apply to both insured banks in the United States and to uninsured banks that are supervised by the Federal Reserve Board.

Although the purpose of the program is to provide more rigorous oversight of US banks, the Federal Reserve has made it clear that it has no intention of discouraging state-owned banks from collaborating with industry, which presumably includes the digital assets sector.

K. Tovar

Source: Cointelegraph

(Reference image source: Joshua Woroniecki, Unsplash)

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La entrada Federal Reserve expands supervision of cryptocurrency banks apareció primero en Bitfinance.

The Prime Minister of Saint Vincent and the Grenadines, Ralph Gonsalves, reported that different Caribbean leaders agreed to restore the PetroCaribe program, with the purpose of importing crude oil from Venezuela.

This new plan for Venezuela to supply fuel is a consequence of the high costs of energy in the global sphere, as a consequence of the war between Ukraine and Russia.

According to Gonsalves, the agreement will favor the independent countries of the Organization of Eastern Caribbean States (OECS), as well as the member countries of the Caribbean Community (Caricom).

Lift sanctions on Venezuela

Recently, Phillip Davis and Gaston Browne, Prime Ministers of the Bahamas and Antigua and Barbuda, respectively, asked the US to suspend the economic sanctions that Donald Trump imposed on Venezuela and make it difficult to export oil.

The Prime Minister of Saint Vincent and the Grenadines also indicated that they will ask the United States to eliminate “certain sanctions imposed against Venezuela, particularly those that make it difficult to resume PetroCaribe service.” Such sanctions impact transportation agreements and payment processes.

The PetroCaribe program was launched in 2005 by the late President Hugo Chávez and established that Venezuela supplied oil at flexible prices and with payment facilities to Caribbean countries. However, the program was suspended as a result of the economic sanctions imposed on Venezuela.

Last April, the president of Venezuela, Nicolás Maduro, announced the restart of the program with a 35 % discount on the fuel sale price.

M. Rodríguez

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Source: bancaynegocios.com

La entrada Caribbean leaders agree to resume the PetroCaribe program apareció primero en Bitfinance.