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United Nations agency to upskill thousands of staff in blockchain tech

December 1, 2023 Coin Telegraph

algo

The United Nations Development Programme (UNDP), which is tasked with eliminating poverty in over 170 countries, wants to educate its 22,000 staff on distributed ledger technology.

A United Nations agency tasked with helping countries eliminate poverty is set to upskill its 22,000 staff in blockchain technology, with the ultimate goal of helping countries achieve “sustainable development” growth.

According to a Nov. 30 statement, the United Nations Development Programme (UNDP) has partnered with the Algorand Foundation to launch a blockchain academy in 2024.

The academy will serve the UNDP's 22,000 staff members across 170 countries, educating them about distributed ledger technology and blockchain, including how it could be used for financial inclusion, supply chain transparency, real-world asset tokenization, and digital identity applications.

During the Algorand Impact Summit in New Delhi, UNDP’s expert for alternative finance and low carbon development, Robert Pasicko, told the audience the partnership will enable the organization to “upskill, empower, and inspire UN practitioners around the world.”

The curriculum will include lectures, workshops, and hands-on assignments and will be “instrumental in equipping our team with the tools needed to address complex global challenges using blockchain technology,” said Pasicko.

Breaking news from #AlgoImpactSummit

The @UNDP partners with the Algorand Foundation to launch the Algorand Blockchain Academy.

The academy will be made available to over 22,000 United Nations staff in 170+ countries.

https://t.co/wfWBaFOW0E

pic.twitter.com/lCqNEQonrV
— Algorand Foundation (@AlgoFoundation) November 30, 2023

Head of education and inclusion at the Algorand Foundation, Doro Unger-Lee, added that education was a “critical first step toward identifying and delivering actionable, on-the-ground use cases of blockchain to help achieve the Sustainable Development Goals in a number of areas.”

Gemini’s Travel Rule measures reflect ‘worrying creep’ of overregulation

November 9, 2023 Coin Telegraph

Coin Telegraph

Gemini will be restricting its UK users to sending only to 58 virtual asset service providers that are registered under the Travel Rule starting Nov. 17. A Trezor analyst argues the measures will go against the principles of Bitcoin and financial freedom.

Crypto exchange Gemini newly announced measures to comply with the controversial crypto Travel Rule in the United Kingdom reflects a “worrying creep” toward overregulation and will strip customers of their freedom for self-custody, according to a Trezor analyst.

On Nov. 7, cryptocurrency exchange Gemini announced it has made changes in order to comply with the new Travel Rule restrictions for customers in the U.K.

Gemini said it will restrict outward cryptocurrency transfers to a list of 58 virtual asset service providers (VASPs) registered under the Travel Rule Universal Solution Technology (TRUST) starting on Nov. 17.

Gemini’s statement on the new Travel Rule restriction. Source: Gemini

Speaking to Cointelegraph, Trezor Bitcoin analyst Josef Teteka said the move will only serve to limit the options for those looking to self custody their crypto.

“The forthcoming restrictions from Gemini UK will make it much harder for Bitcoin and other cryptocurrency users to move their assets into self custody,” said Tetek, noting that the requirements include providing one’s name, name of beneficiary and in some cases, their address.

“This goes against the fundamental principles of Bitcoin, where the user rightly enjoys freedom, privacy where required, and ultimately self-sovereignty.”

This is dog
Email just received from @Gemini
“Travel Rule: Changes to crypto transfer requirements for UK customers”

global hub for cryptoassets my a**, Rishi!

(I barely use Gemini Anyways but still ‍♂️) pic.twitter.com/tuqhSLyZgg
— Robin Nakamoto (@RobinNakamoto) November 3, 2023

Gemini said its UK restrictions will also apply to incoming transfers from non-TRUST VASPs starting in December, with Gemini stating it may freeze or limit accounts attempting to make inbound transfers.

Tetek said the case at hand represents a “worrying creep towards over-regulation” which could result in the “control of its everyday citizens and the choices they make” around how they save, spend and transfer their assets. He added:

“As we’ve seen again and again, crypto exchanges can and do assume control and ownership of their user’s digital assets, a situation that can end in disaster. Why should they now also be the arbiters of transactional freedom?”

Several X (formerly Twitter) also expressed negative sentiment on the recent Gemini announcement.

Many people have the misconception that the only way to acquire Bitcoin is by buying it on exchanges. This belief is far from the truth. There are countless alternative ways to obtain Bitcoin, such as mining, earning it through services or products, and even P2P transactions.

/2
— rare ☠️ passenger.gfm (@rarepassenger) November 7, 2023

The Travel Rule was created by the United Nations agency Financial Action Task Force in June 2019.

It is a set of global standards that mandates VASPs and other financial institutions to share information about the senders and recipients of virtual assets. Its objective is to make it more difficult for criminals to use cryptocurrencies for illicit activity.

The U.K. passed legislation to begin enforcing the Travel Rule in July 2022 which came into effect in September.

Among the 58 VASPs not restricted to transact with Gemini U.K. users include Binance US, Coinbase, Circle, Fidelity Digital Assets, Kraken and PayPal.

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Bitcoin price and energy use for mining highly correlated: UN Report

October 30, 2023 Coin Telegraph

Bitcoin mining

The UN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity.

A recent study conducted by the United Nations (UN) suggested a direct correlation between the price of Bitcoin (BTC) and the energy needed for mining operations.

The UN scientists evaluated the activities of 76 Bitcoin mining nations during the 2020–2021 period and found that the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity. During this timeframe, the crypto ecosystem was undergoing a bull run, and Bitcoin rallied to mark its all-time high of $69,000. The UN report highlighted:

“A 400% increase in Bitcoin’s price from 2021 to 2022 triggered a 140% increase in the energy consumption of the worldwide Bitcoin mining network.”

At the time, fossil energy sources accounted for 67% of the electricity generated for Bitcoin mining. However, crypto entrepreneurs have taken proactive measures to increase their dependence on green energy.

Hydropower satisfied over 16% of the total electricity demand of the global Bitcoin mining network, nuclear, solar and wind energy sources provided 9%, 2% and 5% respectively.

According to the UN report, the top ten Bitcoin mining nations at the time — China, USA, Kazakhstan, Russia, Malaysia, Canada, Germany, Iran, Ireland, and Singapore — together were responsible for 92–94% of the global carbon, water, and land footprint of Bitcoin.

The global push for greener alternatives to fulfil the grid demand will also help reduce the carbon footprint of Bitcoin and the crypto ecosystem.

Recently, Genesis Digital Assets Limited (GDA), a mining and data center company with over 400 megawatts (MW) of power generation worldwide, opened a new data center in Sweden running 1,900 Bitcoin mining machines, driven by the country’s burgeoning renewable energy surplus.

Christian Anders, founder of BT.CX, told Cointelegraph that Bitcoin mining is not very common due to high energy prices. However, he added:

“Sweden, Finland and Norway have a surplus of energy and negative energy prices from time to time, and primarily renewable energy in the form of hydropower in a remote location which is hard to distribute.”

In parallel, Bitcoin mining equipment manufacturers continue to deliver energy-efficient hardware. At the World Digital Mining Summit (WDMS) on Sept. 22, Bitcoin miners shared their plans to help decarbonize the crypto ecosystem.

Bitmain rolled out its efficiency-focused Antminer S21, while Nazar Khan, Terrawulf’s chief operating officer, highlighted that the roll Bitcoin rig manufacturers play “is locating our Bitcoin mining loads in places where that’s happening and how do we facilitate that decarbonization process.”

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UN launches international effort to tackle AI governance challenges

October 27, 2023 Coin Telegraph

Coin Telegraph

The list of participants includes tech industry leaders, government representatives from Spain to Saudi Arabia, and scholars from the U.S., Russia and Japan.

United Nations Secretary-General António Guterres revealed the establishment of a 39-member advisory committee aimed at tackling matters related to the global regulation of artificial intelligence (AI) on Oct. 26.

According to the announcement, the roster comprises individuals ranging from tech industry leaders, government representatives spanning from Spain to Saudi Arabia, and scholars hailing from nations such as the United States, Russia and Japan. Executives from prominent technology companies include Hiroaki Kitano, chief technology officer of Sony; Mira Murati, CTO of OpenAI; and Natasha Crampton, chief responsible AI officer of Microsoft.

Additionally, the representatives come from six continents and possess diverse backgrounds, spanning from Vilas Dhar, an AI expert based in the United States, to Professor Yi Zeng from China and Egyptian lawyer Mohamed Farahat.

“The profound positive impact of AI is challenging to fully comprehend,” Guterres said in an official statement. He further emphasized:

“And without entering into a host of doomsday scenarios, it is already clear that the malicious use of AI could undermine trust in institutions, weaken social cohesion and threaten democracy itself.”

Following OpenAI’s introduction of ChatGPT last year, curiosity and attention around this innovative technology have grown on a global scale, prompting AI researchers to express apprehension regarding its societal implications. Concurrently, numerous governments are actively engaged in crafting legislation to oversee the proliferation of AI, provoking calls from researchers and policymakers for enhanced international cooperation.

The United Nations plans to release initial suggestions by year-end, with comprehensive recommendations scheduled for the summer of 2024. The UN said the immediate priorities involve establishing a worldwide scientific consensus on potential AI-related risks and challenges while enhancing global collaboration in AI governance. The group’s inaugural meeting is slated for Oct. 27.

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UNESCO and Netherlands design AI supervision project for the EU

October 6, 2023 Coin Telegraph

Coin Telegraph

The United Nations’ UNESCO and the Dutch government launched a new project for supervising AI to help create a framework for the wider EU area.

The United Nations and the Dutch government announced plans for the creation of a framework for the ethical supervision of artificial intelligence (AI).

On Oct. 5 the Dutch Authority for Digital Infrastructure and the United Nations' Educational, Scientific and Cultural Organization (UNESCO) officially launched the project called, “Supervising AI by Competent Authorities,” through which they will assemble data on the ways in which European countries supervise AI.

The project has financial support via the European Commission’s Technical Support Instrument (TSI) and information collected by the project will result in a list of “best practice”- type recommendations.

Gabriela Ramos, the assistant director-general for social and human science of UNESCO, said this discussion is not a technological one, but rather a societal one.

“We are talking about the kind of world we want to live in. To shape the technological development of AI, we need effective governance frameworks underpinned by the ethical and moral values we all hold dear.”

Along with best practices, the information gathered will assist in the creation of future training sessions to improve “institutional capacity” on the topic.

UNESCO has already played a large role in creating ethical guidelines for AI in November 2021, which all of its member states adopted.

These moves from UNESCO come after the EU’s AI Act was passed in parliament in June 2022. The AI Act is a comprehensive set of rules for AI development within the EU. The bill was proposed by the European Commission in April, and after parliament overwhelmingly voted in its favor, member states will hold negotiations with the parliament to sort out details.

Since the passing of the bill in parliament, the EU has also introduced an initiative for AI startups in the region which will fast-track access to supercomputers.

Individual European countries have also been considering AI regulation and development strategies. On Aug. 25 Spain announced its plans for a local AI regulation agency and a national strategy to ensure AI development in the country is “inclusive, sustainable, and citizen-centered.”

Meanwhile, in Germany, politicians and digital experts are fractured in their ideas of how to best manage and implement the technology.

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North Korean crypto hacks down 80% but that could change overnight: Chainalysis

September 15, 2023 Coin Telegraph

chainalysis

Crypto bad actors from the DPRK have stolen $340.4 million in 2023, down from $1.7 billion from the prior year, but that's no reason to feel at ease.

Cryptocurrency stolen by North Korea-linked hackers is down a whopping 80% from 2022 — but a blockchain forensics firm says it isn’t necessarily a sign of progress.

As of Sept. 14, 2023, North Korea-linked hackers have stolen a total of $340.4 million worth of cryptocurrency, down from a record $1.65 billion reported funds stolen in 2022.

*Cryptocurrency funds stolen by North Korean-backed groups between 2016-2023. Source: Chainalysis*

“The fact that this year’s numbers are down is not necessarily an indicator of improved security or reduced criminal activity,” Chainalysis said in a Sept. 14 report. “We must remember that 2022 set a dismally high benchmark.”

“In reality, we are only one large hack away from crossing the billion-dollar threshold of stolen funds for 2023.”

Over the past 10 days, North Korea’s Lazarus Group has been linked to two separate hacks — Stake ($40 million) on Sept. 4 and CoinEx ($55 million) on Sept. 12, combining for a loss of over $95 million.

With the latest two hacks, North Korea-linked attacks have made up for about 30% of all crypto funds stolen in hacks this year, noted Chainalysis.

*Funds stolen from North Korean hacking groups vs others between 2016 and 2023. Source: Chainalysis*

North Korea turns to dubious exchanges, mixers

Meanwhile, Chainalysis has found that North Korean hackers have become increasingly reliant on certain Russian-based exchanges to launder illicit funds over the last few years.

The firm said North Korea has been using various Russian-based exchanges since 2021. One of the largest laundering events involved $21.9 million in funds transferred from Harmony’s $100 million bridge hack on June 24, 2022.

United States-sanctioned cryptocurrency mixers Tornado Cash and Blender have also been used by Lazarus Group in the Harmony Bridge hack and other high-profile hacks committed by the group.

We've observed instances of DPRK-linked hackers sending funds to Russian services since 2021. But this year's transfer of $21.9M stolen from Harmony to a high-risk Russian exchange is an escalation of that activity. You can see examples of some of those transactions below. pic.twitter.com/S9cDxlk9Hu
— Chainalysis (@chainalysis) September 14, 2023

The United Nations is making an effort to curtail North Korea’s cybercrime tactics at the international level — as it is understood North Korea is using the stolen funds to support its nuclear missile program.

Meanwhile, the firm hopes increased smart contract audits will make life tougher for these hackers.

Magazine: Deposit risk: What do crypto exchanges really do with your money?

United Nations

North Korea turns to dubious exchanges, mixers

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