Bitcoin, following the concerns of China’s ongoing crackdown, fell below $30,000 for the first time in five months. The unit later stood at $29,590, down 9.25% in value. Bitcoin has also faced criticism over environmental concerns as its mining requires fossil fuels. Nearly 80% of trade in cryptocurrency is powered by Chinese mines, but in recent months several mines have been shut down as Beijing is being alerted of the industry. Last week 26 mines were closed down.
The IT ministry might release FAQs related to the new intermediary rules in the next 1-2 weeks. The questions are currently being worked upon and will consist of 10-20 questions including the measures, user benefits of social media platforms, and other clarifications of stakeholders’ queries. The new IT rules make special media platforms more accountable for the posts they host. Twitter lost its security due to non-compliance with the new rules.
Ransomware Payments Bill 2021 was introduced in the Australian House of Representatives on Monday which, if passed, would require organizations to inform ACSC before a payment is made to a criminal organization in response to a ransomware attack. The ACSC would be required to de-identify the information for the purpose of informing the public and private sector about the current threat environment.
Three UN special rapporteurs criticized the new Indian IT rules. India denied them and said, ”the country’s democratic credentials are well recognized and the right to freedom of speech and expression is guaranteed under its Constitution.” The key problem mentioned by the rapporteurs includes possible misuse of rules to lodge a large number of complaints and also the rules in their current form do not conform with international human rights norms.
Global social media giants, including Google, Facebook, and WhatsApp, are pressing for the removal of few clauses in the IT rules, especially the one that imposes personal criminal liability on the chief compliance officer, news reports said. Facebook and WhatsApp declined to comment on the reports. Google said it respects India’s legislative process and has always responded to govt requests to remove content that violates local laws.
A new AI-enabled ‘smile recognition’ technology at Canon Information Technology will only allow smiling workers to enter rooms. According to the Financial Times, Chinese companies are surveilling their employees to an unsettling degree with the help of AI. Many reports confirm that many firms are monitoring their employees. However, this AI-enabled smile recognition cameras seem the least dangerous.
Wipro Chairman Rishad Premji, at an event of IMC Chamber of Commerce and Industry, said that social media platforms must be allowed to practice ‘responsive self-governance to tackle misinformation. Issues arising through social media misuse must be addressed immediately, he added. This comment came amid a row between Twitter and Govt over the former’s non-compliance with India’s new IT rules.
American Airlines, Southwest Airlines, United Airlines, and Delta Air Lines websites faced an outage on Thursday, reported by downdetector. Almost 1000 users reported problems with Southwest airlines, 400 reported with Delta airlines, 300 reports for the other two companies. Nearly 300 flights on Wednesday were canceled by SouthWest airlines and delayed over 500 a day due to a technical issue. The reason for the outage was not known.
Internet outages affected the Australian central bank, the postal service, commercial lenders, and many other companies. Operations to buy long-dated government bonds were canceled by the Reserve Bank of Australia due to internet issues. Many of the affected websites were back online by late afternoon. The CBA saw a widespread impact on its businesses due to the outages. The issue was with the host and the internet service provider.