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BITCOIN ADOPTION IN THE US: Billion-Dollar Bank NCR Atleos Partners with LibertyX for BTC Cashouts at ATMs

▪️NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users to convert Bitcoin into cash.

▪️The feature is designed to simplify Bitcoin-to-cash transactions by letting users pre-stage their transactions via an app.

NCR Atleos has launched the LibertyX Bitcoin Cashout feature, allowing users across the United States to convert Bitcoin into cash through select ATMs. This new service aims to simplify the process of withdrawing cash from Bitcoin sales, addressing a significant hurdle in the wider adoption of cryptocurrency.

Simplified Bitcoin-to-Cash Transactions

The LibertyX Bitcoin Cashout feature is a service intended to enable buyers to get cash after selling Bitcoin. To purchase cryptocurrency, users have to choose a LibertyX-affiliated ATM in their region first. The user then enters a Bitcoin address, generates a code, and withdraws U.S. dollars from an ATM. This process removes the need for traditional banking transfers, which can often be slow and cumbersome.

Currently, the feature is available across 30 states, which is only a part of the over 280,000 ATMs managed by Atleos in the United States. The current rollout is limited, but the service could be made available to more people if the trial is successful.

According to Chris Yim, the General Manager of LibertyX, this solves a major problem that hinders Bitcoin uptake because it becomes easier to cash out the digital currency.

This feature is implemented by Atleos’s ReadyCode API, which facilitates the process of making Bitcoin-to-cash transactions at ATMs. However, the service has some disadvantages. For instance, the maximum one can sell in a transaction using the Bitcoin sale access code is $400. However, the users can make several transactions to withdraw higher amounts.

LibertyX, a licensed BitLicense holder in New York, has been active in the cryptocurrency ATM business, providing Bitcoin purchasing options at over 30,000 ATMs across the country.

The implementation of the Bitcoin Cashout feature is viewed as a logical addition to its services since it connects the digital and physical worlds.

US Cryptocurrency Adoption Grows Rapidly

The LibertyX Bitcoin Cashout feature is in line with developments in the US, where the uptake of cryptocurrencies is rising.

Security. org’s 2024 Cryptocurrency Adoption and Sentiment Report revealed that 40% of the adults in America own cryptocurrency, an increase from 30% in 2023. Out of these crypto owners, 63 percent intend to invest in more digital currencies in the next year.

Furthermore, the report reveals that the number of women investors in cryptocurrencies has grown from 18% in 2023 to 29% in the first quarter of 2024. This increase in interest can be attributed to the increasing popularity of cryptocurrencies in the US financial market.

Currently, the United States dominates the market, with 82% of the total number of Bitcoin ATMs installed worldwide. However, there has been a decline in the number of functioning Bitcoin ATMs in the U. S. due to a crackdown on the machines associated with extortion and scams.

The number of Bitcoin ATMs in the United States declined by more than 400 between May and July 2024, bringing the total to 31,273.

@ Newshounds News™

Source:  Crypyo News Flash

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US partners with Nigeria for responsible AI use in military

The U.S. State Department has teamed up with Nigeria to further the responsible use of artificial intelligence (AI) in the military.

Mallory Stewart, whose role at the State Department focuses on arms control and stability, recently discussed AI use in military operations with Nigeria’s Ministry of Foreign Affairs, the Ministry of Defence, the national security advisor, civil society, and other officials from the regional bloc ECOWAS.

The U.S. has been on a global tour drumming up support for its initiative to have guardrails for AI use in the military. This initiative, which has garnered the support of 55 countries, advocates using AI “in a manner consistent with international laws and recognising inherent human bias,” Stewart told journalists in Abuja.

“We’ve learned the hard way [about the] inherent human bias built into the AI system … leading to maybe misinformation being provided to the decisionmaker,” she added.

It’s not the first time the U.S. government has partnered with Nigeria on AI. Earlier this year, the American government reiterated its support for Nigeria’s AI strategy, pledging to support the development of the West African nation’s infrastructure to boost research and innovation.

A few months later, the two governments signed an MoU to increase AI engagements between their respective national AI institutes.

The U.S. Department of Commerce has also pledged to collaborate with Nigeria on its approaches to critical areas such as “data, trusted digital infrastructure, power/green energy, AI governance policies, computing resources, digital skills relevant to AI and more.”

The controversy of AI in the military

As with virtually every other sector, AI is gaining rising adoption in the military. For some, like Japan, the technology presents a solution to a rapidly aging and declining population that has left the country short of a military workforce. Others are using it to collect and analyze data and assist in decision-making.

According to former Google (NASDAQ: GOOGL) CEO Eric Schmidt, global wars are “no longer about who can mass the most people or field the best jets, ships, and tanks.” It’s now about autonomous weapon systems and powerful algorithms.

Regulations and guardrails are critical for the technology’s deployment in the sector. However, global political alignments have overshadowed the need for policy frameworks.

One major movement led by the U.S. brought together 31 nations, including France, Germany, Canada, and Australia, to sign a declaration setting guardrails on military AI. However, China and Russia, the other two most powerful militaries after the U.S., were conspicuously missing.

As regulators slack off, AI developers are increasingly voicing their concerns and opposition to the military deployment of AI. Earlier this year, nearly 200 employees at Google DeepMind signed a letter demanding the company terminate its contracts with military organizations.

“Any involvement with military and weapon manufacturing impacts our position as leaders in ethical and responsible AI, and goes against our mission statement and stated AI Principles,” the developers say.

Industry leader OpenAI has also been dragged into military applications. Earlier this year, the company quietly removed its ban on using its AI models “for military and warfare” and has been working with the Pentagon since.

@ Newshounds News™

Source:  CoinGeek

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BANKS USING PERMISSIONLESS BLOCKCHAINS FOR TRANSACTIONS FACE MULTIPLE RISKS: BIS

Risks include operations and security, governance, legal, settlement finality and compliance, the report said.

▪️Banks transacting on permissionless blockchains face multiple risks including settlement finality, the Bank for International Settlements said in a working paper.

▪️The paper also said technology to address some of the risks, particularly privacy, is being developed. naming zero-knowledge proofs as a potential solution.

Banks that transact on permissionless blockchains face multiple risks, including money laundering and terrorism financing, the Basel Committee on Banking Supervision concluded in a new paper.

The committee is part of the Bank for International Settlements (BIS), the primary global standard setter for prudential banks.

Other risks include operations and security, governance, legal, settlement finality and compliance, the paper said.

"Certain risks stem from the blockchains’ reliance on unknown third parties, which makes it difficult for banks to conduct due diligence and oversight. These risks require new risk management strategies and safeguards. Current practices for mitigating these risks remain in various stages of development and have not been tested under stress," according to the paper.

Banks are also exposed to political uncertainty as a new legislation could "change validator behaviour," making the "blockchains themselves operationally unstable.

" A ban for instance could "reduce the amount of computing power or staked native tokens available to secure the blockchain, temporarily increasing the risk of a 51% attack," in which ”a coordinated effort is put forward to control greater than 50% of the validation nodes."

The paper also said technology to address some of the risks, particularly privacy, is being developed, naming zero-knowledge proofs as a potential solution.

Last month, the committee approved a disclosure framework for banks' exposure to crypto that must be implemented by the start of 2026.

@ Newshounds News™

Source:  CoinDesk

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