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More Politicians, Diplomats and Members of Parliament are Adopting Bitcoin in Switzerland – Head of Lugano

By
Paul Ugbede Godwin
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0

Switzerland is known for its progressive stance on cryptocurrencies, especially Bitcoin. The country has been a pioneer in creating a legal and regulatory framework that fosters innovation and adoption of digital assets. In this blog post, I will explore how more politicians, diplomats and members of parliament are adopting Bitcoin in Switzerland, and what this means for the future of the crypto space.

One of the most prominent examples of political support for Bitcoin in Switzerland is Thomas Heilmann, a member of the Swiss National Council and the co-founder of the Crypto Valley Association. Heilmann has been a vocal advocate for Bitcoin and blockchain technology and has even proposed a motion to amend the Swiss Banking Act to allow banks to offer crypto services. Heilmann believes that Bitcoin is a “game-changer” that can bring more transparency, efficiency and democracy to the financial system.

Another influential figure who has embraced Bitcoin in Switzerland is Johann Schneider-Ammann, the former president of the Swiss Confederation and the current head of the Crypto Valley Association. Schneider-Ammann has been instrumental in promoting Switzerland as a global hub for crypto innovation, and has publicly stated that he owns some Bitcoin himself. He has also praised the potential of Bitcoin to empower people and create new business opportunities.

A third example of political adoption of Bitcoin in Switzerland is Fabian Schär, a member of the Swiss Council of States and a professor of distributed ledger technology at the University of Basel. Schär has been researching and teaching about Bitcoin and blockchain for years and has co-authored several academic papers on the topic. He has also been involved in drafting legislation that aims to provide legal certainty and clarity for crypto businesses and investors in Switzerland.

Switzerland has a long tradition of financial stability, political neutrality, and respect for privacy, which are all values that align with the vision of Bitcoin. Moreover, the Swiss government and regulators have adopted a pragmatic and supportive approach to Bitcoin and other digital assets, recognizing their potential to enhance the efficiency and inclusiveness of the financial system.

Switzerland is home to many Bitcoin-related businesses, such as exchanges, brokers, payment processors, mining companies, and startups. Some of the most prominent examples are Bitstamp, ShapeShift, Xapo, and Crypto Valley. These companies benefit from the access to a highly skilled workforce, a strong infrastructure, and a competitive tax regime. Additionally, Switzerland has a vibrant community of Bitcoin enthusiasts, investors, developers, and advocates, who organize events, meetups, and educational initiatives to promote the awareness and adoption of Bitcoin.

Bitcoin faces in Switzerland is the lack of legal clarity and uniformity regarding its status and treatment across different cantons and municipalities. While some jurisdictions have embraced Bitcoin as a legitimate means of payment and taxation, others have been more cautious or restrictive. This creates uncertainty and complexity for both businesses and consumers who want to use Bitcoin in their daily transactions. Therefore, there is a need for more harmonization and coordination at the national level to ensure that Bitcoin can flourish in Switzerland without unnecessary barriers or risks.

These are just some of the many politicians, diplomats and members of parliament who are adopting Bitcoin in Switzerland. Their support and involvement reflect the growing recognition and acceptance of Bitcoin as a legitimate and valuable asset class in the country. By embracing Bitcoin, they are also sending a positive signal to the rest of the world and encouraging more innovation and adoption of crypto technologies. Switzerland is leading the way in creating a friendly and conducive environment for Bitcoin, and I hope that other countries will follow its example.

Flutterwave Partners with IATA to Facilitate Easy Flight Payment Across Sub-Saharan Africa

By
Samuel Nwite
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0

Flutterwave, the leading payments technology company in Africa, has partnered with the International Air Transport Association (IATA) to enhance travel to sub-Saharan Africa.

By integrating with IATA’s payment orchestration platform, Flutterwave enables airlines worldwide to process payments from customers using various payment methods, including cards, bank transfers, mobile money, and alternative payment modes available on the Flutterwave platform.

The IATA Financial Gateway (IFG) serves as a comprehensive payment orchestration and management platform exclusively designed for the airline industry. It empowers airlines to accept local payments from different markets through their distribution channels.

This partnership opens up new opportunities for IATA’s 290 international airlines to expand their operations in Africa while effortlessly receiving bookings and payments from customers in Africa, utilizing both local and international payment methods.

Through the integration with IFG, airlines, and travel agencies can leverage Flutterwave to accept a wide range of payment options when customers book airline tickets. Instead of navigating complex connections to multiple payment service providers in Africa, IFG provides a single global connection, offering complete control over payment and settlement processes. It seamlessly integrates with ticketing systems and distribution channels, streamlining the payment experience for airlines.

This collaboration proves particularly valuable for global airlines seeking to collect local currencies through cards and indigenous payment methods. It ensures a seamless payment experience for millions of customers in Africa and other markets where Flutterwave operates, making it easier for airlines to conduct business and serve their diverse customer base.

According to Olugbenga “GB” Agboola, the CEO and Founder of Flutterwave:

“Africa is poised to be one of the fastest-growing aviation regions in the next two decades, with an estimated annual expansion rate of nearly 5%, as stated by the International Air Transport Association (IATA). To accelerate this growth further, it is crucial to facilitate the easy establishment of airline operations across the continent and enable seamless payment processes for their customers.

Our partnership with IATA addresses the payment challenges faced by global airlines entering the African market. We believe that this collaboration will encourage more international airlines to expand their presence in Africa.”

Muhammad Albakri, the Senior Vice President of Financial Settlement and Distribution Services at IATA, commented:

“The IATA Financial Gateway plays a vital role in introducing new payment options in various markets. We are pleased to welcome Flutterwave’s involvement in bringing secure and innovative payment methods to airlines, travel resellers, and the traveling public in Africa.”

Paradigm says SEC ‘wrongfully’ charged crypto exchange Bittrex

By
Paul Ugbede Godwin
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0

Paradigm, a leading crypto investment firm, has issued a statement defending its partner Bittrex, a popular crypto exchange, against the charges filed by the U.S. Securities and Exchange Commission (SEC) last week. The SEC accused Bittrex of violating federal securities laws by operating an unregistered securities exchange and facilitating illegal sales of digital asset securities.

In its statement, Paradigm said that the SEC’s allegations are “wrongful, unfounded, and contrary to the facts”. Paradigm argued that Bittrex is not an exchange, but a platform that enables peer-to-peer transactions of various digital assets, including cryptocurrencies, tokens, and stablecoins. Paradigm also claimed that Bittrex has complied with all applicable laws and regulations and has implemented robust anti-money laundering (AML) and know-your-customer (KYC) policies and procedures.

Paradigm further stated that the SEC’s action is “an attempt to stifle innovation and competition in the crypto industry”, and that it will “vigorously defend” Bittrex in court. Paradigm expressed its confidence that Bittrex will prevail in this case, and that it will continue to support Bittrex and its mission to provide a safe and secure platform for crypto users around the world.

In response to the SEC’s allegations against Bittrex, one of its partner exchanges. The SEC accused Bittrex of operating an unregistered securities exchange and facilitating the sale of digital asset securities that are subject to federal securities laws.

In its statement, Paradigm said that it was “surprised and disappointed” by the SEC’s action, which it called “wrongful” and “unwarranted”. Paradigm claimed that Bittrex is a fully compliant and regulated exchange that has been operating in good faith and in accordance with the law. Paradigm also said that it has been cooperating with the SEC and providing information about its business model and operations.

Paradigm argued that the SEC’s allegations are based on a “misunderstanding” of the nature and function of crypto assets and the role of exchanges in facilitating their trade. Paradigm said that crypto assets are not securities, but rather innovative and decentralized forms of value transfer that empower users and foster financial inclusion. Paradigm also said that exchanges are not issuers or intermediaries of securities, but rather platforms that enable peer-to-peer transactions among consenting parties.

Paradigm expressed its confidence that it will be able to demonstrate the validity and legality of its activities and those of Bittrex in court. Paradigm said that it will continue to serve its customers and partners with the highest standards of professionalism and integrity. Paradigm also said that it will continue to advocate for a clear and fair regulatory framework for the crypto industry that respects innovation and protects investors.

The Evolution of Artificial Intelligence And Its Impacts on Employees

By
Ojukwu Emmanuel
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0

Looking at the world today, with the rapid development of AI technologies, it is safe to say that Artificial Intelligence is no longer a technology of the future, the AI era is here.

With advancements in generative AI tools, Computer Vision, machine learning, Virtual agent, and language processing, amongst others, AI is no longer a futuristic dream but a current reality.

Artificial Intelligence has come a long way since its inception, evolving from the realm of science fiction into an increasingly indispensable technology that’s transforming industries and lives worldwide.

Technology has permeated every aspect of our lives, revolutionizing numerous industries which include fields such as finance, national security, transportation, health care, transportation, and several others.

Artificial intelligence is transforming every walk of life, which has seen several companies across the globe integrate the technology into their products, to improve work and enhance user experience.

One of the reasons for the growing role of AI is the tremendous opportunities for economic development that it presents. Governments across the globe are investing heavily in Artificial Intelligence which they believe will drive productivity across the economy.

A project undertaken by PriceWaterhouseCoopers estimated that artificial intelligence technologies could increase global GDP by $15.7 trillion, a full 14%, by 2030.

As several tech experts posit that technological innovations lead to a range of positive and negative consequences, this is true for Artificial Intelligence.

Despite the impressive progress of AI, there are still challenges and ethical concerns that must be addressed as the technology continues to evolve. Issues such as Privacy concerns, security, bias, and the potential misuse of AI are critical issues that require careful consideration and regulation.

Ensuring AI’s transparency and explainability is essential, to minimize the potential for algorithmic bias. Meanwhile, let’s take a look at how Artificial Intelligence will impact employees. 

The Impact of AI on Employees

With several companies across the globe already adopting Artificial Intelligence, this has impacted a lot of employees, leading to mass layoffs of workers.

A report by investment Bank Goldman Sachs says Artificial Intelligence (AI) could displace the equivalent of 300 million full-time jobs. The report also predicts two-thirds of jobs in the U.S. and Europe are exposed to some degree of AI automation, and around a quarter of all jobs could be performed by AI entirely.

Recently, a 31-year-old CEO and founder of Bengaluru-based Duukan, which helps merchants to set up online stores and sell products digitally, laid off 90% of its support team, replacing them with AI Chatbot.

The CEO disclosed that the AI assistant could answer customer queries instantly and precisely, and doesn’t receive any wages or sick leave, unlike humans.  He further added that the Al chatbot took under two minutes to respond to customer queries, whereas human staff took two hours, and that replacing the team has reduced support costs by 85%.

Notably, companies such as IBM, an American multinational technology corporation disclosed that they intend to stop hiring for jobs that could potentially be performed by generative artificial intelligence, which is expected to impact 300 million full-time jobs globally.

Experts predict that AI’s impact will vary across different sectors, which will see 46% of tasks in administrative and 44% in legal professions automated, but only 6% in construction and 4% in maintenance.

 How Employees Can Navigate the Current Artificial Intelligence Evolution

The uncertainty surrounding the future of human employment following the evolution of Artificial Intelligence is already apparent, as AI-controlled chatbots and machines are poised to keep getting better and better at what they do.

A publication on Forbes disclosed that jobs in agriculture, mining, healthcare, and manufacturing are the least exposed to generative AI, while jobs in the information processing industries, like IT, finance, and banking, are the most exposed because jobs that use programming and writing skills are more closely related to GPT’s capabilities.

A report stated that stress and anxiety over job losses caused by Al have led to 80% of tech workers using medications, either under a doctor’s supervision or otherwise, as coping mechanisms.

As AI roles seem poised to continue growing, it is pertinent for employees to seek new ways to make progress in their careers. They must come to see technology not as a menace to their jobs, but as a collaborator capable of improving their work lives.

This comes down to thinking about how to use technology to identify what the next opportunity is for them, and not just to identify it, but to point to the right courses and skills that they are going to need to make that transition.

One notable thing employees must do in the wake of AI evolution is to upskill. Upskilling Is the key to success with AI. While AI might lead to displacements of thousands of jobs, some opinion pieces project that AI will create up to 90 million jobs by 2025.

AI is here to stay, and the faster one can learn to put it to work to boost productivity, the better. This will require digitally savvy workers who can think strategically and adapt to a fast-changing workplace. Al offers employees the chance to grow new skill sets and apply those skills efficiently to

work that is in demand. Therefore, employees are encouraged to prioritize the development of skills that can’t be displaced by AI, and also skills that are beyond the reach of AI and automation technology. 

Conclusion

As we navigate an ever-evolving business landscape and workplace, automation has firmly established itself as a crucial component of contemporary enterprises.

One must bear in mind that automation is only a new chapter that comes with AI evolution. This means that embracing change and focusing on AI skills is crucial as the world drifts towards a more automated future.

Employees can capitalize on the fact that with automation, organizations can streamline their operations, reduce costs, and improve efficiency. Rather than being discouraged and anxious over potential job loss to AI technology, they should be encouraged and empowered to concentrate on high-value skills in line with Artificial Intelligence.

While they can’t control what new technology emerges, they can control how to use it to their advantage. They can guarantee that AI and automation will become positive forces for growth and development by directing their attention toward its more creative applications.

PwC says Hedge Funds are Showing Robust Confidence in Crypto

By
Paul Ugbede Godwin
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0

The cryptocurrency market has been experiencing remarkable growth in the past year, despite the challenges posed by the Covid-19 pandemic and the regulatory uncertainty. According to a recent report by PwC, a global professional services firm, hedge funds are among the most bullish investors in this emerging asset class.

PwC is one of the leading providers of audit, tax, and advisory services to the crypto industry, with a dedicated global team of experts and a network of over 100 clients. PwC also supports various initiatives and organizations that aim to foster innovation and education in the crypto space, such as the Crypto Valley Association, the World Economic Forum, and the Global Blockchain Business Council.

The report, titled “PwC Crypto Hedge Fund Report 2023“, surveyed 150 crypto hedge funds from around the world, covering various aspects of their operations, strategies, performance and outlook. The report revealed that the average assets under management (AUM) of crypto hedge funds increased by 233% in 2022, reaching $3.8 billion. The median AUM also rose by 189%, reaching $164 million.

  • The number of traditional hedge funds investing in crypto-assets fell to 29% – down from 37% last year – however no traditional hedge fund plans to decrease exposure in 2023
  • 23% of traditional hedge funds are reassessing their crypto strategy due to the regulatory environment in the US; 12% of crypto hedge funds are considering relocating from the US to crypto-friendly jurisdictions
  • 93% of crypto hedge funds expect the market capitalisation of crypto-assets to be higher at the end of 2023 than 2022
  • 31% of traditional hedge funds view tokenisation as the biggest opportunity in 2023; 25% of traditional hedge funds – including those not currently invested in crypto – say they are exploring tokenisation

The report also showed that crypto hedge funds are diversifying their portfolios, investing in a variety of digital assets beyond Bitcoin and Ethereum. The top five most popular cryptocurrencies among crypto hedge funds in 2022 were Bitcoin (88%), Ethereum (75%), Polkadot (42%), Cardano (38%) and Solana (36%). The report also noted that crypto hedge funds are increasingly using decentralized finance (DeFi) protocols and non-fungible tokens (NFTs) as part of their strategies.

One of the main drivers of the growth and confidence of crypto hedge funds is the increasing institutional adoption of cryptocurrencies. The report highlighted that 82% of crypto hedge funds reported an increase in institutional investors in their funds in 2022, compared to 64% in 2021. The most common types of institutional investors were family offices (52%), high-net-worth individuals (48%) and pension funds (32%).

The report also revealed that crypto hedge funds are optimistic about the future of the cryptocurrency market, expecting it to reach $5.6 trillion by the end of 2023, up from $2.1 trillion at the end of 2022. The report also stated that 96% of crypto hedge funds plan to increase their exposure to crypto assets in the next 12 months, while only 4% plan to decrease it.

The report concluded that crypto hedge funds are playing a vital role in the development and maturation of the cryptocurrency industry, providing liquidity, price discovery and innovation as they expect to increase their exposure and diversify their portfolios. PwC also predicts that the sector will continue to grow and mature, attracting more institutional and professional investors. The report also suggested that crypto hedge funds will continue to attract more institutional investors, as they offer attractive returns, diversification benefits and exposure to a new asset class.

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