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Still, contrary to the boldest claims of the president’s crypto influenc ers, there is thus far little indication that El Salvador is currently on the road to broader economic development. Even despite reduced security costs as a result of decreased crime, GDP growth remains virtually unchanged since Bukele took office at around 2 percent; a figure that is catastrophic in a nation as poor as El Salvador and remains the lowest in Central America.

From: The Bukele Model and the Future of El Salvador – American Affairs Journal.

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My knowledge of American politicis is limited, so I remain unclear as to why a Digital Dollar is so frowned  

The reasoning behind several key assertions in Trump’s post — namely that bitcoin will defend against a central digital currency, that mining will help the U.S. become “energy dominant” and that embracing bitcoin will help the U.S. against its domestic and foreign enemies — is unclear.

From: Trump Says ‘All’ Bitcoin Mining Should Be In The US In His Latest Embrace Of Crypto.

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But stockpiling bitcoin has little merit, economists say. “I see no [economic benefit],” says James Angel, an economist at Georgetown University specializing in financial markets. “The tangible benefit is that it will get bitcoin maxis to vote for Trump. If you believe in Trumpism, that would be the benefit.”

From: Donald Trump’s Plan to Hoard Billions in Bitcoin Has Economists Stumped | WIRED.

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Detailed modelling of the Spanish market results in three specific conclusions

First, introducing an rCBDC without including attractive design features or stimulus policies results in low and slow adoption. This overlaps with early evidence reported for Nigeria, The Bahamas, and the People’s Republic of China (see Anthony 2022; Feng 2022; Fortis 2023; Osae-Brown, Onu, and Irrera 2023; Ree 2023; Walker 2022; Zamora-Pérez, Coschignano, and Barreiro 2022). Second, results suggest that design options differ in their effectiveness. The reverse waterfall functionality, a positive remuneration spread, and the distribution of government subsidies via rCBDC are effective in fostering adoption; yet, the distribution of government subsidies via rCBDC is the only one that fosters adoption and reduces the use of cash. Conversely, balance limits and top-up limits are effective in restraining adoption. Third, combining attractive design options and stimulus policies with limits to holding rCBDCs could be the key to achieving a sweet spot of adoption – one that is high enough to foster effective use of rCBDC but low enough to neither crowd out existing payment instruments nor threaten the stability of the financial system by, say, pushing for deposit migration

From: Simulating the Adoption of a Retail CBDC.

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Results show that introducing an rCBDC without attractive design options and stimulus results in low and slow adoption. Results suggest that the reverse waterfall functionality, a positive remuneration spread, and the distribution of government subsidies via rCBDC are effective in fostering adoption; yet, the distribution of government subsidies via rCBDC is the only one that creates incentives to reduce the use of cash.

From: Simulating the Adoption of a Retail CBDC.

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Virtually all smartphone SoCs in this day and age have a TEE or similar secure environment. On Snapdragon chips, it’s commonly referred to as the Qualcomm Secure Execution Environment (QSEE). Apple’s Arm-based chips like the M4, meanwhile, have a Secure Enclave. With these secure environments in place, malicious apps cannot access decryption keys, biometrics, and other sensitive data.

With the Pixel 3, Google decoupled the TEE from the chipset and used a separate security module instead. The Titan M, which has now been replaced by the Titan M2, can almost be considered a standalone processor by itself. The chip has its own flash memory for storing sensitive data and runs its own minimal operating system (sometimes called a microkernel).

From: What is the Titan M2 security chip in Google’s Pixel phones?.

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The World Health Organization’s new chatbot launched on April 2 with the best of intentions.

A fresh-faced virtual avatar backed by GPT-3.5, SARAH (Smart AI Resource Assistant for Health) dispenses health tips in eight different languages, 24/7, about how to eat well, quit smoking, de-stress, and more, for millions around the world.

But like all chatbots, SARAH can flub its answers. It was quickly found to give out incorrect information. In one case, it came up with a list of fake names and addresses for nonexistent clinics in San Francisco. The World Health Organization warns on its website that SARAH may not always be accurate.

From: Why does AI hallucinate? | MIT Technology Review.

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Until now, manufacturers were expected to follow security guidelines, but the new law makes three new requirements:

that password procedures are more secure, including ensuring any set by the manufacturer are not left blank or using easy-to-guess choices like “12345” or “admin”

that there is clarity around how to report “bugs” or security problems that arise

that manufacturers and retailers inform customers how long they will receive support, including software updates, for the device they are buying

Failure to meet these minimum requirements, known as the Product Security and Telecommunications Infrastructure (PSTI) regime, can trigger fines.xxx

From: Smart gadgets: Tougher rules for sellers of internet-enabled devices in the UK.

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The World Health Organization’s new chatbot launched on April 2 with the best of intentions.

A fresh-faced virtual avatar backed by GPT-3.5, SARAH (Smart AI Resource Assistant for Health) dispenses health tips in eight different languages, 24/7, about how to eat well, quit smoking, de-stress, and more, for millions around the world.

But like all chatbots, SARAH can flub its answers. It was quickly found to give out incorrect information. In one case, it came up with a list of fake names and addresses for nonexistent clinics in San Francisco. The World Health Organization warns on its website that SARAH may not always be accurate.

From: Why does AI hallucinate? | MIT Technology Review.

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TSB is warning consumers to avoid making online purchases on Facebook Marketplace. Fraud experts have assessed that 34% of the adverts tested on the platform to be scam posts.

From: A third of Facebook Marketplace adverts could be scams.

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Many scams and attempted scams go unreported, so it’s impossible to understand the scale of the problem. In a 2022 survey of 1,000 people in England, one in six said they were scammed on the marketplace. Another 2022 survey of 1,000 people in the US found that 62 percent had encountered a scam on Facebook.

From: Facebook Marketplace Is Being Ruined by Zelle Scammers | WIRED.

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A 2022 ProPublica investigation found that Facebook Marketplace scams had run rampant and that the company was potentially understaffed to a degree that impeded its ability to stop scammers.

From: Facebook Marketplace Is Being Ruined by Zelle Scammers | WIRED.

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xxxThe consumer data right was supposed to increase healthy market competition, but instead, mid-tier and regional banks have been incurring disproportionately higher compliance costs compared to the Big Four (National Australia Bank, Westpac, Commonwealth Bank and Australia and New Zealand Banking Group). High compliance costs are forcing difficult investment trade-offs – particularly for smaller banks – leading to vital technology and customer projects being deprioritized. These include digital banking experiences, scam detection and prevention.

From: Can Australia revive its open banking initiative? – Kapronasia.

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