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Pakistan moves to regulate cryptocurrency, CBDCs as legal tender

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Pakistan’s government is taking steps to regulate cryptocurrencies and explore the introduction of a Central Bank Digital Currency (CBDC). The country’s Finance Minister, Ishaq Dar, recently announced that the government is working on legislation to regulate digital assets, with the goal of fostering innovation while mitigating the risks associated with cryptocurrencies. This move reflects growing global interest in creating frameworks to manage the rapidly evolving crypto sector.

In addition to regulating cryptocurrencies, Pakistan is also exploring the possibility of making a CBDC legal tender. The central bank has been conducting research on a digital rupee, which could eventually replace traditional physical currency and provide a more efficient, secure, and cost-effective alternative. The move aligns with global trends, as several countries, including China and the European Union, have been actively working on their own CBDC projects.

The regulation of cryptocurrency is seen as a way to tackle issues such as money laundering, tax evasion, and fraud, which have plagued the digital asset space. Pakistan has struggled with illegal crypto activities, and a formal regulatory framework could bring greater transparency and legitimacy to the market. By regulating crypto, the government hopes to provide clearer guidelines for businesses and investors, which could ultimately help attract investment to the sector.

The introduction of a CBDC and clearer crypto regulations could also support Pakistan’s efforts to modernize its financial system and improve financial inclusion. While the timeline for these changes remains uncertain, the government’s focus on digital finance indicates a shift toward embracing emerging technologies as part of its economic strategy.

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Hamster Kombat loses 86% of users as Paws Mini App soars on Telegram

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Telegram-based gaming continues to evolve, with a new competition brewing between two popular games: Hamster Kombat and Rise of Paws. While Hamster Kombat initially garnered attention for its unique blend of strategy and casual play, it is now experiencing a decline in user engagement. Meanwhile, Rise of Paws, a new entry in the Telegram gaming space, has rapidly risen in popularity, attracting players with its engaging gameplay and vibrant community.

Hamster Kombat allowed users to battle virtual hamsters in various arenas, offering collectible assets and a competitive ranking system. However, despite its early success, the game has seen a downturn, with player activity and interest waning. Critics point to a lack of innovation and the challenge of maintaining long-term engagement as factors contributing to its decline.

In contrast, Rise of Paws has quickly gained traction, offering a more interactive experience with improved mechanics and a fresh storyline. Players control a variety of anthropomorphic animal characters, engaging in battles and completing quests. The game’s immersive world-building and active updates have helped it capture the attention of Telegram’s gaming community, positioning it as the new favorite.

The shift in popularity between the two games highlights the competitive nature of Telegram’s gaming ecosystem. As developers continue to innovate, the rise of new titles like Rise of Paws underscores the dynamic and fast-changing landscape of mobile and casual gaming on the platform. The success of these games will depend not only on their gameplay but also on their ability to foster loyal communities and evolve with player expectations.

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Meta opens Llama AI model up to US military

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Meta has granted the U.S. Department of Defense (DoD) access to its cutting-edge AI model, LLaMA, for national security purposes. The move, which expands the military’s access to advanced machine learning tools, is part of Meta’s broader effort to support governmental use of AI technology in strategic areas. LLaMA, short for Large Language Model Meta AI, is designed to facilitate natural language processing and could potentially enhance a range of defense-related tasks, including intelligence analysis and cybersecurity.

The decision comes as governments and military organizations worldwide increasingly rely on artificial intelligence to strengthen national security and gain a competitive edge in global geopolitical dynamics. LLaMA, a series of open-weight language models developed by Meta, is seen as a powerful tool for advancing machine learning capabilities in defense, providing the military with tools to analyze vast amounts of unstructured data more efficiently.

Meta’s move to allow the military access to its model has sparked debates over the ethical implications of AI’s role in defense applications. While proponents argue that AI can significantly enhance national security by improving decision-making and operational efficiency, critics raise concerns about the potential misuse of the technology in military operations and surveillance. Meta has emphasized that it will continue to adhere to ethical guidelines and ensure that its technology is used responsibly.

This partnership highlights the growing intersection of AI and defense technology, with tech companies and governments seeking to collaborate on cutting-edge innovations for strategic advantages. The U.S. military’s adoption of LLaMA could mark a significant step forward in the integration of AI into national security operations, though the long-term effects on privacy, governance, and global stability remain to be seen.

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Binance, CZ file motion to dismiss SEC’s amended complaint

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Binance CEO Changpeng Zhao (CZ) has filed a motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) amended complaint against him and the exchange. The SEC had filed the revised complaint in June, accusing Zhao and Binance of illegally operating unregistered securities exchanges and misleading investors. In response, Zhao’s legal team argues that the SEC’s claims are unfounded and that the regulator has failed to establish a sufficient legal basis for the case.

The motion, submitted to the U.S. District Court for the District of Columbia, contends that the SEC’s amended complaint includes vague and overreaching allegations that do not hold up under scrutiny. Binance asserts that it has fully cooperated with regulatory authorities and operates in compliance with relevant laws. The exchange further maintains that its activities do not fall under the SEC’s jurisdiction and that the complaint lacks the necessary specificity to proceed.

The SEC’s ongoing lawsuit against Binance has sparked significant debate over the regulatory status of cryptocurrency exchanges and digital assets. The commission’s aggressive stance on enforcement has intensified scrutiny of major crypto firms, including Binance, as regulators seek to bring more clarity to the industry. However, Binance remains committed to defending its operations and challenging the SEC’s approach to crypto regulation.

As the legal battle unfolds, the outcome could have broader implications for the regulatory landscape of digital assets in the U.S. If the court grants Binance’s motion to dismiss, it could set a precedent for how cryptocurrency companies handle SEC enforcement actions in the future. The case is still in its early stages, with both sides preparing for further proceedings.

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