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El Salvador’s President promotes digital coins



As the key Alliance for Financial Inclusion meeting kicks off, El Salvador’s President is using his address to promote crypto adoption. 

32 central banks and 12 financial officials, all representing emerging economies are attending the event. 

The President’s address will cover financial inclusion and the digital economy, and how El Salvador has benefited from being the first country in the world to adopt bitcoin as legal tender back in 2021.

Other countries attending include Paraguay, Haiti, Costa Rica and Ecuador in Latin America, plus Palestine and Pakistan in Asia.

The AFI has just resumed its in-person meetings following two years of Covid disruptions. 

The event’s policy director says El Salvador has successfully harnessed digital financial services as the nation attempts to promote bitcoin among developing countries.

“It is a watershed moment in the country’s efforts to increase unbanked people’s access to, usage of, and quality of financial services.”

AFI Policy Programs & Implementation Director Eliki Boletawa

On Twitter, the President says “Bitcoin is good for developing countries (and for humanity).”

El Salvador joined AFI in 2012 to improve digital financial services for individuals and small businesses.

Talks will continue for another two days.

Meanwhile, in the US, MiamiCoin has lost 88 per cent of its value in less than a year.

Katerina Kostakos contributed to this report.

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Elon Musk’s X faces $75M loss as advertisers exit



Elon Musk’s venture, X, is bracing for a substantial financial hit as reports suggest it could suffer losses of up to $75 million by the end of this year.

The turmoil stems from a growing exodus of advertisers, which has sent shockwaves through the company’s revenue streams.

The advertiser exodus appears to be linked to controversies surrounding Elon Musk and his unconventional approach to business and social media. Musk’s controversial statements and tweets have drawn both praise and criticism, but they seem to have alienated a significant portion of X’s advertising partners. Many companies are distancing themselves from the venture due to concerns about brand image and association with Musk’s unpredictable behavior.

This development raises pressing questions about the future of X and its ability to retain advertising partnerships. Can Elon Musk navigate these turbulent waters and win back advertisers? Will X need to reevaluate its strategies and adopt a more traditional corporate image? How might this impact the overall financial health of the venture, and what steps will be taken to mitigate losses?

In the midst of these uncertainties, it remains to be seen whether X can weather the storm and maintain its prominent position in the business world. Elon Musk’s unorthodox approach has often yielded success, but the current challenges pose a significant threat to the venture’s financial stability. As the year-end approaches, observers are closely watching to see how Musk and X respond to this critical situation.

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Mooching friends see unpaid debts pile up



A recent survey by Finder, Australia’s leading comparison site, reveals that 1 in 4 Australians, equivalent to 4.9 million people, have not been reimbursed by friends for loans extended over the past year.


Common Debts and Unpaid Loans

According to the research, splitting a restaurant bill (6%), group presents (4%), and event tickets (3%) are the most prevalent sources of unpaid debts. Other instances include sharing a taxi or Uber (2%), travel expenses (2%), and even gambling (2%). The findings suggest a prevalent pattern of financial strain, where individuals may hesitate to contribute or repay their fair share.

Steps to Recover Unpaid Debts

  • Be upfront: Initiate an open and honest conversation expressing concerns about the unpaid amount.
  • Establish a repayment plan: Discuss the owed amount, set a repayment timeline, and formalize the agreement in writing, signed by both parties.
  • Flexibility and understanding: Acknowledge potential financial difficulties your friend may be facing, and work together to create a manageable repayment plan.

Timely communication is of importance, addressing the issue early on prevents silent resentment from festering. For larger amounts, putting the request in writing, such as through a text message or email, is recommended.

The research underscores the need for open communication and proactive steps to address financial imbalances among friends, preserving both trust and financial stability.

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Speculation amidst Sam Altman’s leadership return



Sam Altman, former CEO of OpenAI, may be poised to make a comeback to the organisation.

The news comes after the recent upheaval within the company, marked by Altman’s sudden departure and subsequent discussions with the board about a potential return.

Following Altman’s exit, Chief Strategy Officer Jason Kwon reassured employees that the company is “optimistic” about Altman’s return, promising further updates on the matter. Meanwhile, a wave of support for Altman flooded the internal communication platform, X, with employees expressing solidarity through heart emojis.

The swift talks of Altman’s return just a day after his ousting hint at OpenAI grappling with instability in his absence. The fallout intensified as OpenAI’s President, Greg Brockman, resigned hours after Altman, triggering discussions with friends and investors about launching a new venture. Several senior researchers also resigned, with indications of more departures looming on the horizon.

Despite the tumultuous situation, OpenAI’s largest investor, Microsoft, affirmed its commitment to the partnership. However, investors were left in the dark about Altman’s removal, raising questions about the company’s decision-making process. Altman, known as the face of OpenAI and a prominent figure in the AI community, leaving adds an element of uncertainty to the organisation’s future, especially as competitors race to keep up with ChatGPT’s unprecedented growth.

While Altman contemplates a potential return, OpenAI’s current board, led by chief scientist Ilya Sutskever, faces internal struggles. Sutskever, a co-founder of OpenAI, played a key role in Altman’s ousting, suggesting a power struggle between the research and product facets of the company. The board, unique in its mission to ensure the creation of “broadly beneficial” artificial general intelligence (AGI), consists of individuals like Quora CEO Adam D’Angelo, former GeoSim Systems CEO Tasha McCauley, and Helen Toner, the director of strategy at Georgetown’s Center for Security and Emerging Technology.

As Altman’s potential return unfolds, the future trajectory of OpenAI remains uncertain, with the company at a crossroads in the evolving landscape of artificial intelligence.

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