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Communist nation embraces cryptocurrency to avoid US sanctions

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This Communist country will regulate and recognise cryptocurrencies as demand grows for the digital currency

As the popularity of cryptocurrency continues to gain speed in across the world, Cuba says that it will officially recognise and regulate crypto payments.

The central bank says that it will set rules and determine how to license providers in the space. The state cited “reasons of socioeconomic interest” are behind the decision.

The move could help the Communist nation circumvent American sanctions which were enacted by former president Trump.

The decision to recognise crypto marks a historic moment

“It’s historic that they are embracing it,” Boaz Sobrado told CNBC. Sobrado is a London-based fintech data analyst, who spent four years working in crypto in Cuba.

“This is a conservative government still set in traditional Marxist ways. In fact, the communist Cuban central bank was founded by Che Guevara. The fact that they are cautiously regulating shows they are interested in what it can bring them,” Boaz said.

People participate in a rally outside the White House in Washington, Tuesday, July 13, 2021, in support of the protesters in Cuba. (AP Photo/Susan Walsh)

US-Cuba relations

Current US president Joe Biden is yet to reverse the restrictions, despite expectations that he would normalise relations with the country.

Instead, Biden has cracked down even further following government retaliation to protests in Cuba.

The state has assured that it will be keeping a tight control of crypto transactions within its borders. It also has explicitly outlined that crypto will not be used to facilitate illegal activity.

Want to find out more about Crypto? Hear the latest from our resident experts on Ticker Crypto

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Global leaders look to shape tech futures

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From disputed pay packages to tariff threats, global leaders are making waves in tech, trade, and innovation.

A U.S. judge has once again denied Elon Musk’s controversial $56 billion Tesla pay package, raising questions about the company’s governance practices. Meanwhile, Donald Trump’s tariff threats against BRICS nations could derail de-dollarization efforts, adding tension to global trade dynamics.

Concerns are also growing around Super Micro Computer audits, which have sparked fears of potential vulnerabilities in the tech sector. Additionally, Intel CEO Pat Gelsinger has announced his departure, leaving questions about whether his efforts to revitalise the company met expectations.

These developments underline the influence of leadership on shaping the global tech landscape, as decisions continue to ripple across industries.

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Teens make use of AI in education as ‘Brain Rot’ goes mainstream

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A recent study sheds light on how teenagers are turning to generative AI for both social and academic purposes.

 

From using chatbots for emotional support to leveraging AI for essay writing, the study reveals both the creativity and risks associated with these tools.

Parents, however, are struggling to keep up. Many are unaware of how extensively their children engage with AI and lack understanding of its potential risks. The gap in awareness highlights the need for ethical discussions and better parental guidance around generative AI.

Meanwhile, Oxford’s 2024 Word of the Year, “brain rot,” captures a growing cultural concern. The term, which originally appeared in the 19th century, now reflects the mental toll of consuming trivial and excessive online content. Its resurgence signals a collective awareness of the evolving relationship between technology and mental health.

Experts say these trends point to the need for critical conversations about the role of AI and social media in shaping our habits and well-being.

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Democrats move to resist Trump deportation plan

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Los Angeles officially declared itself a sanctuary city in a direct challenge to the incoming Trump administration’s plan to deport those in the U.S. illegally.

As one of the largest cities near the southern border, LA’s decision has sparked significant debate over the role of local governments in federal immigration matters.

City Council took the bold step by passing the sanctuary city ordinance, ensuring that no local resources are used to assist federal immigration enforcement.

Additionally, the city’s public school system has doubled down on its sanctuary status, passing emergency resolutions to protect undocumented students.

Critics argue that such actions undermine federal law and set a dangerous precedent, raising questions about the balance between local autonomy and national enforcement.

Keith Hanson the CEO of QUX Technologies, and a veteran law enforcement expert joins Veronica Dudo to discuss.

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