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Indian Finance Minister Nirmala Sitharaman is calling for a global consensus on cryptocurrency regulation. 🚨
*collective gasp* "Regulation?” 😰
Yup, we know it’s a particularly dreaded word in the crypto community since we've seen it being thrown around before, and it's not always been pleasant.. But wait, before you start panicking and selling off all your crypto, let's take a closer look at what's going on. 👇
Borderless Tech, Borderless Crypto 🪄
Sitharaman believes that a universal agreement is required to effectively govern private digital assets while allowing them to operate freely. Emphasis on the “freely” here! 👀
Plus no single country can control it, and all countries need to be on board to create an appropriate framework for cryptocurrency regulation. Alright, agreed, ma’am 👏
Of course, the big question is, will other countries get on board with this global agreement? As Sitharaman pointed out, "technology doesn't have any borders." So, unless all countries are on the same page, regulating crypto will be like trying to herd cats. 😰
The G20 key agenda 🔑
India has made the regulation of digital assets a key agenda for its G20 presidency this year. In September, India will host a meeting bringing together G20 Presidents and Prime Ministers to address the difficulties posed by cryptocurrencies and develop a framework for their regulation. 📊
But… let's not forget about the Reserve Bank of India's strict stance on crypto. 🚨
Governor Shaktikanta Das once suggested that private cryptocurrencies should be banned altogether. Can you imagine a world without Dogecoin? The horror! 🥵
But in all seriousness, the fact that India is putting crypto regulation on the agenda for the G20 presidency is a big deal. 🤲🏻
Now, let’s pray we get everyone on the same page and let the industry thrive! ✨
If you liked reading this, feel free to click the ❤️ button on this post or restack it so more people can discover it on Substack 👇
Are AI-Generated CEOs a Thing? 🤯
Some sneaky scammers have apparently used AI to create a fake CEO to trick crypto investors. 🥲
According to regulators, scammers used deep fakes and voice-generating software to create a fake CEO who would then trick investors into sending their funds. This sounds like something straight out of a Black Mirror episode, except it's happening in real life. 😐
Maxpread Technologies allegedly “attempted to trick investors about the identity of the CEO using a fake, AI-generated avatar programmed to recite a script.” It was apparently created on Synthesia.io!
Screenshot of the now-removed Youtube video
But the regulatory agency believes that "Michael Vanes" doesn't actually exist, and the real CEO is Jan Gregory, who they tried to pass off as their chief marketing officer and brand manager.
But why though? Was Jan not good enough that they created a version of The Rock + Joe Rogan? 😭
Another one in line is Harvest Keeper, who allegedly went old-school and hired an actor to play their CEO. Yup, no AI-generated shenanigans here, but the company did claim to use AI to maximize their crypto trading returns. 😐
Read the full story here and let us know your thoughts in the comments!
Phew! 😮💨 Another day, another scam. Be on the lookout for fishy-looking AI-generated CEOs trying to scam you and DYOR DYOR DYOR! 🚨
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