On Monday, Shira Greenburg, the Chief Economist at Israel’s Ministry of Finance, published a list of recommendations for regulating digital assets.
The list of recommendations consists of new regulatory infrastructure, legislation to authorize and control the issuance of backed digital assets like stablecoins, and facilitating financial services. The recommendation also included the requirement for a law to provide the Bank of Israel the authority to oversee digital assets with significant stability or monetary effect.
The recommendation consists of allowing the payment of taxes on cryptocurrency held outside Israel with the central bank. It will also create an inter-ministerial committee to control the regulation of decentralized autonomous organizations (DAOs).
Shira Greenburg suggested that the supervisor of the Financial Service Providers must be given more authority to look after the licensing rules and build a more comprehensive taxation framework for the sale and purchase of digital assets. She also mentioned that Israel should implement more security standards on trading platforms, crypto issuers, and funds generated from digital assets. Read more: Brazil legalizes crypto transactions
Brazil’s Chamber of Deputies approves a bill to regulate the crypto industry on Tuesday. The Senate approved the bill in April 2022, and it was stucked in the Chamber of Deputies. The bill will now need the approval of the executive branch to become law.
The bill is drafted by deputy Aureo Riberio, establishing a new crime of fraud consisting of virtual assets, with a penalty of 2 to 6 years and a fine. It also specifies the creation of a ‘virtual service provider’ license that is to be requested by crypto firms and other companies.
According to the bill, companies can have 180 days to accommodate the new rules before the law is enforced. The bill also says that the Brazilian Securities and Exchange Commission (CVM) will regulate crypto assets securities. In contrast, other digital assets not falling under the crypto assets will fall under the responsibility of another body, which the executive branch will appoint. As per the report, the central bank is expected to be selected as another body by the executive branch.
However, Brazil is not the first nation to have bills regulating crypto transactions. Besides Brazil, other countries, such as China, Cuba, Bolivia, Iran, India, and more, have crypto transactions and other crypto-related activities that are legal and restricted.
A Japanese organization called ispace was supposed to launch its Hakuto-R lunar lander on 30th November. But according to the recent report of ispace, the launch of the Hakuto-R lunar lander is postponed to 1st December. If this ispace’s mission is successful, the Hakuto-R lunar will be the first private spacecraft funded by a private organization to land on the lunar surface.
According to ispace, the lander would touch down in the Atlas Crater by April 2023 on the visible side of the moon. Hakuto-R was one of the five finalists of the international Google Lunar XPrize competition, which was a challenge to land a rover on the moon before a 2018 deadline.
However, Hakuto-R is not the first spacecraft to enter the lunar surface. In 2019, the Israeli organization, SpaceIL attempted to enter the lunar surface but could not land successfully. SpaceIL experienced a fatal engine flaw and crashed into the lunar surface during the landing attempt.
Takeshi Hakamada, the CEO of ispace mentioned that they would like to position Ispace as an international bridge between the US and other countries. ispace now has contracts with NASA and the European Space Agency for upcoming missions to land on the moon and gather lunar water and dust samples.
ispace’s first mission, M-1, is to launch a SpaceX Falcon 9 rocket from Cape Canaveral, Florida. The lander will be carrying a small rover for the United Arab Emirates’s Mohammad Bin Rashid Space Center, a miniature two-wheeler robot for the Japan Aerospace Exploration Agency (JAXA), a camera, and a flight computer prototype for Canadian companies. If Ispace succeeds, it would be the first craft from Japan and United Arabs to visit the lunar surface.
The central government drafted a bill in 2018 to ensure digital privacy for individuals and businesses relating to their data and cement trust between people and entities processing data. The Data Protection Bill, as it was called, was initially proposed in 2018 and tabled by the Ministry of Electronics and Information Technology. The Bill introduced several guidelines for protecting personal data and proposed the establishment of the Data Protection Authority of India.
The initial draft of the PDP Bill provided a robust set of provisions for both domestic and international organizations involved in data processing and other factors related to anonymized data. However, the drafters still welcomed recommendations to make the bill more practical. After considering all recommendations suggested by the cabinet, the revised Personal Data Protection Bill came out in 2019.
Some key provisions that the revised Bill aimed to provide:
Specification of the flow and usage of personal data.
Ensuring fundamental rights of those whose personal data are processed.
Creation of a framework for organizational measures in the processing of data.
Laying down norms for social media intermediaries.
Remedies for unauthorized and harmful processing.
The Bill faced criticism from Justice B. N. Srikrishna, who drafted the 2018 Bill. He said the revisions could turn India into an “Orwellian State.” The term describes a societal condition driven by propaganda and disinformation and is destructive to welfare. He said, “the government can at any time access private data or government agency data on grounds of sovereignty or public order. This has dangerous implications.” Further, Jaiveer Shergill, a renowned Supreme Court Lawyer, also expressed his concerns about the gaps in this version of the Personal Data Protection Bill.
Following the previous draft’s criticism and the need for a more comprehensive version, the Bill was withdrawn on August 3, 2022.
The government unveiled the first draft of the revised Digital Personal Data Protection (PDP) Bill 2022 on November 18. The 2022 bill will focus on predefined principles that form the foundation of personal data protection and will inculcate a better understanding of data protection among the public and businesses. Fundamentally, the bill bifurcates the two sides involved in any situation related to processing digital personal data as a data fiduciary and a data principal.
The obligations of a Data Fiduciary
The Personal Data Protection Bill describes a “Data Fiduciary” as a person (or group of people) who determine the purpose and the means of processing data. There are several general obligations that a data fiduciary must follow while processing any personal data. First and foremost, a data fiduciary is responsible for complying with this Bill’s provisions while processing data or hiring a data processor on its behalf.
Secondly, a data fiduciary shall ensure that the processed information is “accurate and complete,’ if it is to be utilized for decision-making or passed on to someone else. He/she/they shall protect the data under possession and notify the regulatory Board in case of a data breach. Lastly, the fiduciary can only process data if the data principal has given consent.
The Personal Data Protection Bill describes a “Data Principal” as an individual whose personal data is to be processed. In the case of a child, the parents become the principal. The Bill provisions several rights and responsibilities that a data principal must have. Some of these rights include:
Right to Information about Personal data: As per this provision, the data principal shall have the right to obtain confirmation whether the fiduciary is processing or has processed the data. They can also request a summary of the processed data.
Right to correction and erasure of personal data: Under this provision, a principal shall request correction and erasure of their personal data while complying with the applicable laws. In such a request, the fiduciary is obliged to correct/complete/update/erase the requested data. Moreover, the data principal also has the right to grievance redressal if unsatisfied with the fiduciary’s responses.
While data principals have many protective rights, they must also abide by some duties. A data principal shall comply with all the Personal Data Protection Bill provisions and under no circumstances furnish any false or misleading information or impersonate another person. All the necessary information should also be verifiably authentic; only then can the data principal exercise their rights to correction or erasure under this Bill.
The 2022 draft will comply with a Board called the Data Protection Board of India to be established by the Central Government. The Board shall allocate work, receive grievances, and pronounce decisions digitally. It is the Board’s responsibility to ensure compliance with all provisions of this Act, act on valid principal grievances, and manage fiduciaries.
The latest Personal Data Protection Bill has successfully reworked some prior legislation gaps by incorporating hefty penalties for non-compliance and has relaxed specific rules on cross-border data flows that could be significant for large-scale enterprises. However, there are a few potential red flags. The Bill provides a near-exemption blanket for government-owned agencies from complying with some of the requirements. Additionally, the Bill suggests a dilution of the proposed Data Protection Board.
MeitY is optimistic that the latest Personal Data Protection Bill strikes a balance between fiduciaries and principals while staying aligned with the Supreme Court’s ruling on privacy and related fundamental human rights. The Ministry also invites public feedback on the draft until December 17, 2022.
Meta has announced it is supporting the Federation of Indian Chambers of Commerce & Industry (FICCI) with a sum of $1 million for the XR (extended reality) Open Source (XROS) fellowship program. The fellowship program will help 100 Indian developers work on extended reality technologies for the future of the metaverse.
Established by the Ministry of Electronics & Information Technology (MeitY), the National e-Governance Division will act as the technical partner for the program.
“The metaverse will not be built by one company alone. Through programs like XR Open Source, we will support Indian developers working on these exciting technologies,” said Nick Clegg, President of Global Affairs, Meta.
The #metaverse won’t be built by one company alone. Through programs like XR Open Source, we will support Indian developers working on these exciting technologies: Mr @nickclegg, President, Global Affairs, @Meta at FICCI XROS Fellowship Program supported by Meta & @NeGD_GoI. pic.twitter.com/t1ZzKSxNdI
The program will lay the foundation for India-specific solutions that are localized, affordable, and appropriate to regional languages.
The XR Open Source program is the second one in India through which Meta wants to boost the developer ecosystem pertaining to immersive technologies and will further the open ecosystem to create the metaverse.
The XROS program is part of Meta’s Research Fund and global XR Programmes, under which the company declared a $2 million fund along with MeitY Startup Hub earlier this year.
Google will partner with iCAD, a global mammography AI vendor, to integrate Google Health’s artificial intelligence into iCAD’s portfolio of breast screening solutions. The partnership will aim to develop more enhanced detecting and assessing solutions for people with short-term cancer risk.
iCAD already has an advanced AI Suite of breast screening technologies for detection, density assessment, and risk evaluation. The medical vendor plans to incorporate Google’s AI into ProFound AI Risk, the world’s first clinical decision tool that provides risk estimation. Currently, it is the only technology that is commercially available for clinicians.
Stacey Stevens, President and CEO of iCAD, said, “With the addition of Google Health’s technology, we are positioned to improve the performance of our algorithms for both 2D and 3D mammography, which will further strengthen our market leadership position and drive worldwide adoption.”
As per the press release, this is the first time Google Health has ventured into a commercial partnership to introduce breast imaging AI into clinics. As breast cancer is one of the most common cancers, Google is actively working to improve the accuracy and availability of screenings, as early detection can save lives.
Google is also working with the Imperial College London and three NHS trusts to test different screening technologies as the screening systems vary globally.
According to a survey by Nikkei Asia, LG Electronics has filed the most number of metaverse patent applications since 2016, moving up from 11th place between 2010 to 2015. Samsung Electronics held its position in second. Huawei was ranked fourth with various patents related to image and display processing.
According to the report, Meta, Microsoft, Apple, and Intel were among the six American companies on the top 10 list, with Meta at third, Microsoft at fifth, and Sony as the only Japanese company in the sixth position.
Tokyo, South Korean, and Chinese companies like LG, Samsung, and Huawei are rising in ranks with the most number of Metaverse patents as the electronics industry is looking beyond smartphones.
Semiconductors and display color schemes are among the strengths of South Korean companies, components rather than headsets and other finished products.
The top 20 companies filed a total of 7,760 patents, with the United States accounting for 57%, South Korea at 19%, and China at 12%. Japanese firms accounted for 8%, said the report.
Sony launches wearable motion trackers called the Mocopi System. The Mocopi System will bring metaverse to smartphones as its trackers track the whole body movement using six pucks tied around the user’s ankles, hands, hips, and ankles.
These wearable trackers have sensors that scan body movements and animate avatars inside metaverse applications on smartphones, both Android and iPhones. It will be a cost-effective accessory with which ordinary people can experience the metaverse.
Sony plans to release the trackers in Japan in January 2023 at approximately 49,500 Yen (approximately INR 29,222). The company is targeting YouTube and online content developers as the primary audience.
Sony is one of the many companies exploring the metaverse domain. Others like Meta are also working on developing immersive virtual reality (VR) devices like the Meta Quest Pro. However, Sony is specifically focusing on people with its PlayStation VR device. Alongside Mocopi trackers, the company will also release the next generation of its PlayStation VR 2 headset next year.
Researchers at the University of Southern California (USC) have recently announced the launch of an Artificial Intelligence Research Center for Health (AI4 Health) to enable the use of AI and big data to improve healthcare.
Michael Pazzani, Ph.D., Director of the AI4Health and principal scientist at Information Sciences Institute (ISI), USC, mentioned that ISI has already been using AI for health research. One of the objectives of AI4Health is to make it easier for medical researchers to find people with AI expertise.
AI4Health will hold many events in partnership with the Keck School of medicine, USC, to strengthen the connection between AI and medicine. AI4Health research also focuses on increasing the amount of health data available for analysis. The health data will be helpful in multiple research areas, such as data management, knowledge discovery, precision health, machine learning for health, data analytics, and more.
AI4Health’s data analytics and knowledge discovery work will help researchers analyze EHRs (Electronic Health Records), medical images, and other health data to detect patterns that may lead to breakthroughs. One of AI4Health’s projects is to leverage cell phone mobility and health data to link food environment and diet-related diseases.
Researchers from Cornell University, New York, have recently developed a Jupyter notebook extension-Notate that enables users to include handwriting and sketch and convert it into code. Jupyter notebook extensions are simple add-ons used to extend the functionality of the Jupyter environment. The information about Notate was published in the 35th Annual ACM Symposium on User Interface Software and Technology.
With the pen-based extension, Notate, users can draw circuit diagrams on canvases, which can then be included in the code. Using the deep learning model, Notate extension bridges handwritten and textual programming context: notation in the handwritten chart can reference textual code and vice versa.
Lan Arawjo, a doctoral student in the field of information science at Cornell University, realized that recent developers hardly support images and graphical interfaces inside code. Therefore, Lan Arawjo, with his professors, Anthony DerArmas, Michael Roberts, Tapan Parikh, and Shrutasrhi Basu, developed Notate, artificial intelligence-enabled pen-based coding. He stated that Notate is an excellent data science tool for sketching plots and charts interacting with textual codes.
Notate is a challenge to conventional coding, which typically relies on typing. Tools like Notate are significant as they open new ways to programming and describe how different tools and practices can change the programming perspective.
