The Dark Side Of CBDC Explained

Do you feel okay being tracked? Patrick Bet-David talks about the dark side of CBCD and what you should consider before buying into this concept.

Is a Digital Dollar Coming? Some Financial Experts Warn It Could be Instrument of Government Control

More and more central banks around the world are in the early stages of creating digital currencies. 

Federal Reserve Chairman Jerome Powell told the House Financial Services Committee in March that the Fed had already begun testing a digital dollar. 

Powell told the House Financial Services Committee, "We're not at the stage of making any real decisions. What we're doing is experimenting in kind of early-stage experimentation. How would this work? Does it work? What's the best technology? What's the most efficient really at an early stage on? But we're making progress on sort of technological issues." 

Just like paper dollars, a Central Bank Digital Currency of CBDC would be issued by the Federal Reserve. 

Those pushing for it say it would have several advantages over physical money. They say it could be used to fight inflation because the Fed would have more direct control over the money supply. It could speed up transaction payments and help fight money laundering.

But, what about privacy issues?

Top Blockchain trends

2022 is shaping up to be an exciting year for the blockchain industry. 

There are a number of developments in the use of the blockchain such as the growth of blockchain gaming, central bank digital currencies (CBDC's), the mataverse and entertainment, and NFTs. 

All of these point to transformation for the blockchain landscape, which should boost the use of this technological concept across the board. There is a lot that inventors and others should consider as the blockchain continues to be more involved in daily life.

Find out more HERE.

Crypto Cards - a New Payments Disruption?

Account openings of crypto-backed cards are outpacing traditional cards. Using Visa and Mastercard as the rails, several crypto platforms now enable consumers to make everyday purchases with cryptocurrency. Analysts say it's a crucial step to making crypto a mainstream form of payment.

Is this the start of a new payment disruption?

Read the full details from The Financial Brand HERE.

Will Banks Mint Their Own Stablecoins?

The USDF Consortium has set out to build a system for bank-minted stablecoins that would blend the attractions of digital currency, blockchain administration and faster payments. In time this could improve payments and other experiences for both companies and consumers.

To date, many of the uses for stablecoins — digital currencies denominated and tied to fiat currencies, such as the U.S. dollar — have been to facilitate other digital currency transactions. But the banking industry has fresh designs on the stablecoin. Beyond business payments, early intentions are to use the technology for consumer payments, as well. Also envisioned are financial marketplaces and crypto and securities lending.

Want to find out more? Check out the details form THE FINANCIAL BRAND HERE. 

The Fed's CBDC report

The Federal Reserve isn’t in a rush to join the crypto-bandwagon. That's the takeaway from a draft paper the Fed released Thursday laying out the pros and cons of a Central Bank Digital Currency (CBDC).

The 40-page report makes no policy recommendations and is designed to solicit comments from the public.

"We look forward to engaging with the public, elected representatives, and a broad range of stakeholders as we examine the positives and negatives of a central bank digital currency in the United States," Federal Reserve Chair Jerome Powell said in a press release last Wednesday.

Read the full article HERE.

CBDCs: Here's what every central bank in the world is working on

Have you ever needed a comprehensive list of where each Central Bank is at with their respective Central Bank Digital Currency?

Well, here it is. A recent article, posted by Madhvi Mavadiya (Head of Content at Finextra) will be periodically updated to provide the most recent CBDC developments across 80+ central banks, so bookmark it and use it as a reference tool.

You can access the article HERE. 

UK Lords Committee says no case for CBDC

A Committee of peers in the House of Lords has concluded that there is no convincing case for the creation of a central bank digital currency in the UK.

The Economic Affairs Committee found that while a CBDC may provide some advantages, it could present significant challenges for financial stability and the protection of privacy.

Read the full story HERE. 

CBDC Digital Yuan Deployment To Massively Impact Cross-Border Policy Regulators' Decisions

The People's Bank of China (PBOC) has been a global front-runner in its creation of a central bank digital currency (CBDC) through the digital yuan's inception.

Also known as the e-CNY, the PBOC recently released the pilot version of its e-CNY app in China's Apple and Android app stores. The release of this app to selected users is particularly interesting given the app's current "research and development pilot phase", as indicated in a notice displayed when the app is downloaded. 

Nevertheless, the timing of this app release gives the world excellent insight into China's e-CNY ambitions, particularly with the 2022 Winter Olympics and the Chinese New Year holiday around the corner. 

Want to find out more? Click HERE. 

“TOP READS OF THE WEEK” (for week 30 October to 5 November)

This is the final edition of TOP READS OF THE WEEK in this format.

However, you can still get all the top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management by reading / subscribing to the “Citadel Advantage News Digest”.

The Citadel Advantage News Digest is published at least twice a week with all the latest news on Banking, Fintech, Payments, Operations Risk and much, much more. Check it out!

Subscribe to our newsletter click HERE. Under the topmost item “Newsletter” click on “Start reading” to access.

In this weeks selection;

Top Reads

• Meta CEO Zuckerberg predicts the metaverse will be mainstream in 5-10 years
• Banks' green pledges under scrutiny
• What We Can Learn From The Sub-Saharan African FinTech Infrastructure
• Sorry, Mark. You Don't Own the Metaverse
• Starling CEO says open banking a flop: Other fintech chiefs beg to differ
• Citi makes COVID-19 vaccine mandatory for 65,000 US employees
• Regulator previews coming crypto, stablecoin policy
• Fintech Apps Still Depend on Old-School Banks to Move Money
• A Battle for Earth: 5 Ways IoT Can Help Save Our Planet
• Elon Musks Lessons In Business Scaling
• The advantages of an AI/ML-enabled search engine for FDA records
• UK regulators warn financial sector still failing to account for key climate risks
• Protecting The United States' Critical Infrastructure From Cyberattacks
• Global rule maker created for ESG disclosure standards
• Pandora Papers highlight the importance of PEP checks as part of AML armoury

From our Blog

• The Great Resignation: Why Millions Of Workers Are Quitting
• Facebook Name Change Signals High-Stakes Race for 'Metaverse'
• China's Race for AI Supremacy
• Understanding and Responding to Bribery & Corruption Red Flags
• See what three degrees of global warming looks like
• The Cost to Reduce Global Warming? $131 Trillion Is One Answer

“TOP READS OF THE WEEK” (for week ending 22 October)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• What is Google FLoC and How Does It Affect Your Privacy
• Facebook's Novi launches digital currency wallet pilot
• Is ethical banking a thing?
• 4 Women-led Crypto Projects That Are Driving the Blockchain Industry
• Broadcom Software's Symantec Threat Hunter Team discovers first-of-its-kind ransomware
• SEC Revives Proposal to Claw Back Executive Pay
• The surge of fintech in South America
• Forensics Monitoring Is Blockchain’s New Sheriff
• Essential Aspects of Cloud Compliance for Financial Services
• Amex will let employees work wherever they want one month a year
• Supply-Crunch Inflation Gives Central Banks an Unfixable Problem
• Treasury goes into damage control on bank data reporting
• Ransomware summit takeaways: Pledges to disrupt safe havens, money laundering
• No profit worries? Earnings week still served up drama
• What Emerging American Legislation Means for Crypto Assets and CBDCs
• Deutsche Bank’s ESG executive slams industry’s greenwashing practices
• These are the top 10 tech trends that will shape the coming decade, according to McKinsey
• 8 security and risk management trends to watch: Gartner
• Is PayPal pining for Pinterest?
• 3 Reasons Financial Institutions Can't Let Mergers Stall Innovation

From our Blog

• Three ways to make better decisions - by thinking like a computer
• China’s Silicon Valley is Hiding a $30 Billion Fortune
• How to Plan and Implement an Ethics & Compliance Risk Assessment Program
• Podcast “American Kleptocracy”
• China's Xi Dials Back Economic Overhaul
• Is China's economic model broken?

“TOP READS OF THE WEEK” (for week ending 15 October)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• Analysts pin Google retail bank U-turn on fears of higher regulatory scrutiny, low profitability
• JPMorgan Chase joins UN's Net-Zero Banking Alliance
• Why Chatbots Fail in Banking
• We may visit you at home, British financial watchdog warns bank staff
• SocGen to Cut 3,700 Jobs as Part of Domestic Retail Merger
• Crypto Could be in Trouble after China Declares all Crypto Transactions Illegal
• Two Key Digital Payments Trends in the Post-COVID World
• Capgemini’s World Payments Report 2021
• Are NFTs a Money Laundering Gold Mine?
• From tech tool to business asset: How banks are using B2B APIs to fuel growth
• Will massive outage set back Facebook's payments plans?
• 15% minimum global corporate tax faces obstacles: Tax Foundation
• U.S. SEC opens inquiry into Wall Street banks' staff communications -sources
• What's next for banks that partnered with Google now that the tech giant has scrapped its checking-account push
• How to Explain NFTs to People Who Think Theyre Just JPEGs
• Is Apple Pay Secure? - Platform Security and Privacy Overview
• DeFi Glossary 2021: Pretend You Know What is Going on
• AI Is No Match for the Quirks of Human Intelligence
• Credit-card firms are becoming reluctant regulators of the web
• Cyberattack on Ukraine grid: here's how it worked and perhaps why it was done
• Analysts pin Google retail bank U-turn on fears of higher regulatory scrutiny, low profitability
• IoT: Beyond Alexa
• ISO 20022 just one of the key steps towards cross-border payments interoperability
• PayPal takes stake in Latam SPAC

From our Blog

• How to Plan and Implement an Ethics & Compliance Risk Assessment Program
• Bitcoin Miners Tap Hydropower as Environmental Criticism Grows - WSJ
• Podcast “American Kleptocracy”
• Malinvestments, When Your Eyes Are Bigger Than Your Stomach
• Evergrande Woes Spread to China’s $12 Trillion Local Market
• 3 Major Questions Around Evergrande's Debt And China's Economy That Remain Unanswered

“TOP READS OF THE WEEK” (for week ending 8 October)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• Card critics call for credit routing scrutiny
• Visa Unveils UPC for Blockchain
• Google abandons plans to offer Plex checking accounts
• How Do I Get a Job in Crypto? Postings in Industry on the Rise
• Open Banking is finally here … it’s only taken 30 years!
• Digital bank fined by regulator due to weak anti-money laundering controls
• How AI is transforming the world of finance
• How to be cyber smart
• EC preps antitrust charge over Apple NFC chip access
• Neobank Alternative: Building a Hybrid Digital-First Bank from Scratch
• Your Dev Skills Deserve Recognition, so Hack the Email of Your Boss
• Richer data poised to become the pre-condition for cross-border payments to thrive
• JPMorgan stiffens vaccination policy
• Top global companies falling short in protecting domain security
• Companies Want FASB to Focus on Crypto, ESG-Related Rule Making
• Bitcoin, ‘Green’ Details Are Most-Requested Accounting Fixes
• Why You Should Quit Social Media Permanently
• What would persuade bank holdouts to share customer data?
• Spat erupts over postal banking pilot
• Parents’ Ultimate Guide to Cybersecurity
• BIS GM issues Facebook stablecoin warning
• Why Windows 11's security is such a big deal
• Why CEOs become communication chiefs after a cyberattack
• Companies expect surge in health care costs in 2022

From our Blog

• How to Plan and Implement an Ethics & Compliance Risk Assessment Program
• Tesla Prepares for Wider Release of Its Driver-Assistance Software
• How do carbon markets work? -The Economist
• Visa is working on a universal payment channel
• What China’s New Data Rules Mean for Tesla and Other Auto Makers
• Flags of Convenience - Bribe, Swindle or Steal Podcast
  

Visa is working on a universal payment channel

Visa is working on a universal payment channel project that connects blockchain networks to a variety of cryptocurrencies, stablecoins and central bank digital currencies (CBDCs).

The payments giant’s research and product teams are working on a universal payment channel (UPC) initiative, which is a blockchain interoperability hub that connects blockchain networks and allows for transfers of digital assets.

Get the details HERE.

“TOP READS OF THE WEEK” (for week ending 1 October)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• The NSA and CIA Use Ad Blockers Because Online Advertising Is So Dangerous
• Jamie Dimon says 'you're a fool' if you borrow to buy bitcoin, and that he wouldn't care if its price increased 10 times
• U.K. Investment Banks Pay Women 56% of What Male Colleagues Make
• US extradites highly-prized hacker back to Russia
• What Does Bitcoin Mean for the Payment Industry of El Salvador?
• Should Your Web History Impact Your Credit Score? The IMF Thinks So
• Big Tech CEO Insider Trading During the First Half of 2021
• SEC chair Gensler worried ‘people will be hurt’ without crypto and SPAC regulations
• Visualizing the Rise of Cryptocurrency Transactions
• New York Fed researchers design climate stress test for banks
• Lazard associates are now the highest paid on Wall Street after a pay bump raises the base salary to $200,000
• Don't hold your breath for a US CBDC
• AB InBev CFO: 'You can't hide when a pandemic hits'
• Swedish university fined $66,000 for GDPR violations
• Fintech and Banking Software Firm Velmie Launches FX and Cross-Border Transfer Service in Middle East
• 4 Tech-Driven Forces That Could Bulldoze Banks Off the Map
• Mastercard to launch new BNPL service
• Wells Fargo fined $37.3M to settle DOJ foreign-exchange case
• New York Fed researchers design climate stress test for banks
• Bank Mergers Are On Track to Hit Their Highest Level Since the Financial Crisis
• Microsoft warns of new credential-stealing backdoor from SolarWinds threat actor
• In first, Japan names China, Russia and North Korea as cyberattack threats
• WhatsApp to help rural, cooperative banks accelerate digital banking adoption
• How Yahoo Built a Culture of Cybersecurity
• Central banks and the BIS explore what a retail CBDC might look like
• What China’s new data privacy law means for US tech firms

From our Blog

• How to Plan and Implement an Ethics & Compliance Risk Assessment Program
• The Frequency of Payroll Payments at U.S. Small Businesses
• What China’s New Data Rules Mean for Tesla and Other Auto Makers
• Flags of Convenience - Bribe, Swindle or Steal Podcast
• Why China’s Evergrande Has Global Markets on Edge

“TOP READS OF THE WEEK” (for week ending 24 September)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• Fed won't go it alone on CBDC
• There are new scams on mobile payment apps—and teens aren’t immune
• Companies must develop operational plan for ransomware recovery
• After 400 attacks, feds warn of Conti ransomware
• BlackRock losing 'patience' on pace of corporate ESG disclosure
• Deutsche Bank Explored Wells Fargo Custody Deal Before Fed Snub
• Credit Suisse charges investors to prop up Greensill Capital
• After years of being 'squeaky clean,' the Federal Reserve is surrounded by controversy
• U.S. cash payment kiosks rise despite digital age
• Companies must develop operational plan for ransomware recovery
• Corporate credit rebounds from record slump: Fitch
• The beguiling promise of decentralised finance
• Opinion | Do We Need to Shrink the Economy to Stop Climate Change?
• Record $15 Billion SPAC Merger Just Happened For A Technology You've Never Heard Of
• NY Fed vice president urges industry to move faster on Libor transition
• Funding for fintechs: patterns and drivers
• Recently reported Microsoft zero-day gaining popularity with attackers, Kaspersky says
• Finance industry warns against 'unnecessarily restrictive' crypto capital rules
• How buy now, pay later became a $100 billion industry
• Banks Oppose Strict Basel Rules Targeting Cryptocurrencies
• Trump Organization CFO appears before New York Supreme Court
• Forward Thinking on artificial intelligence with Microsoft CTO Kevin Scott
• EBA paves the way for tighter scrutiny of digital platforms
• US government ready to roll out the big guns against crypto ransomware payments
• In era of quick-fire bosses, Wall Street embraces the 'forever CEO'
• Web hosting cybersecurity concerns

From our Blog

• The Evergrande Crisis Intensifies
• The Inside Story of the Ship That Broke Global Trade
• Ray Dalio on Evergrande, China, Bitcoin and the Fed
• Evergrande - A Simple Explanation And Thoughts from the "Uneducated Economist"
• Cybercrime Rising on Telegram? & SEC Seeks Crypto Regulation

“TOP READS OF THE WEEK” (for week ending 17 September)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• At Fault or Default? Lessons in Leadership We Can Learn from the Collapse of Kabul
• JPMorgan's UK digital bank set to launch Tuesday
• IOSCO calls on asset managers and intermediaries for stronger AI and ML processes
• Pandemic-led AP workarounds unfit for future of hybrid working, adviser warns
• McKinsey on Risk, Number 11, August 2021
• 8 Helpful Everyday Examples of Artificial Intelligence
• How do Mid-Sized banks compete with Fintech
• Bank of America to scrap CMO role after top marketer leaves this year
• JPMorgan to buy majority stake in Volkswagen's payments business
• 'Big game hunters': Ransomware groups target their perfect victim
• Bank of America names new CFO, adds 3 women to senior management
• Eight Emerging Technologies That Are Shaping FinTech Industry In 2021
• Gartner: AI is moving fast and will be ready for prime time sooner than you think
• Alipay break-up is power grab by China's government
• Apple releases emergency patch to protect all devices against Pegasus spyware
• Advantages and Disadvantages of Artificial Intelligence: How To Use AI in Your Business
• FiVerity: The Outsized Value Of Collaboration In The Fight Against Cyber Fraud
• WFH is a cybersecurity "ticking time bomb," according to a new report
• Banks delay return to office as delta variant surges
• Boards rethink incident response playbook as ransomware surges
• Cryptocurrency Payment Gateways to The Future
• How Digital Transformation Is Revolutionizing Digital Finance
• Crypto Kid Fraudster Gets 7 1/2-Years for Ponzi Scheme
• U.S. cash payment kiosks rise despite digital age

From our Blog

• Apple’s Big September News - iPhone 13, Apple Watch Series 7 and iPad Mini
• Hundreds of iPhones Are in ‘Ted Lasso.’ They’re More Strategic Than You Think
• China Seeks to Break Up Alipay, Separate Loan Business
• Why Your Uber and Lyft Rides Are So Expensive

“TOP READS OF THE WEEK” (for week ending 10 September)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• Amazon takes Visa battle to Australia
• Regulators Investigate Crypto-Exchange Developer Uniswap Labs
• SPAC IPOs plunged 87% during Q2 amid tougher SEC scrutiny
• The SEC Is Serious About Cybersecurity. Is Your Company?
• What Traditional Banks Can Learn From Fintech Apps’ Explosive Growth
• One size does not fit all: the Rubik’s Cube of banking
• Cross-border payments set to soar as the world begins to emerge from lockdown
• Developing Real-Time Payment Capabilities
• The future of payments in the Middle East
• The Latest Trends in Artificial Intelligence (AI) and Machine Learning (ML)
• WhatsApp fined $235,000 by Turkey over alleged data breach
• 97% of Banks Miss These 9 Broken Journeys
• Crypto’s Rapid Move Into Banking Elicits Alarm in Washington
• Bitcoin Faces Big Test as El Salvador Makes It Legal Tender
• FinTech–shaping the future for the better (Part-II)
• Wallets Are Over. Your Phone Is Your Everything Now.
• SEC fines Kraft Heinz $62M, says procurement misled finance team
• After years of inaction against adtech, UK’s ICO calls for browser-level controls to fix ‘cookie fatigue’
• Amazon takes Visa battle to Australia
• What ransomware negotiations look like
• Remote workers complicate CFOs' state sales tax compliance
• Top Performing Artificial Intelligence (AI) Companies of 2021

From our Blog

• What El Salvador's Bitcoin Experiment Looks Like
• What are the Potential Pitfalls for Merchants Offering BNPL?
• Apple Store vs. Repair Shop: What the Right to Repair Is All About
• SEC sets its sights on the crypto “Wild West”
• Why China’s Tough Stance on Crypto Mining Is a Boon for Miners Elsewhere...

“TOP READS OF THE WEEK” (for week ending 3 September)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• Why a ban on ransom payments will not work
• The Colonial Pipeline Ransomware Hackers Had a Secret Weapon: Self-Promoting Cybersecurity Firms
• Bank Of America Is Losing Its Grip On Millennials As Fintechs Reinvent The Checking Account
• What Insurance Firms Promised at White House Cybersecurity Summit
• Are global investors finally rising to the ESG challenge?
• For bank regulators, tech giants are now too big to fail
• Amazon taps Affirm for installment financing
• Crypto ATMs multiply despite challenges to the currency
• Bank regulators issue guidance on partnering with fintechs
• 10 Factors That Will Determine Banks' Future Relevance
• Madoff trustee can seek $343M clawback against Citi, court says
• U.S. banks give embedded finance a whirl. Will it catch on?
• Crypto platforms need regulation to survive, says SEC boss
• Fed finds businesses eager for faster payments
• A Very Brief History Of The Driving Factors Behind Cybersecurity
• PayPal's About to Take On Robinhood
• Unravelling Open Banking’s Complexities

From our Blog

• Apple Store vs. Repair Shop: What the Right to Repair Is All About
• SEC sets its sights on the crypto “Wild West”
• Why China’s Tough Stance on Crypto Mining Is a Boon for Miners Elsewhere...
• The Most Commonly Experienced Types of Fraud
• What is net zero?
• New Online Course - Understanding Environmental, Social, and Governance (ESG)

“TOP READS OF THE WEEK” (for week ending 27 August)

This week’s top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• Bank of America nets record 227 patents in first half of 2021
• How Will Banking Respond to Embedded Finance Model?
• Consumer dissatisfaction with credit cards continues to rise
• How much does phishing really cost the enterprise?
• Crypto ATMs multiply despite challenges to the currency
• Are global investors finally rising to the ESG challenge?
• Phishing Costs Nearly Quadrupled Over 6 Years
• Cybersecurity: These two basic flaws make it easy for hackers to break into your systems
• Can legacy banks stay relevant with banking as a service?
• Blockchain: A Neat Example of the Ingenuity of Contemporary Fintech Solutions
• Anti-fraud niche in payments thrives as e-commerce climbs
• Consumer dissatisfaction with credit cards continues to rise
• SEC challenged in court over Nasdaq rule requiring board diversity
• Why most companies don't understand speed is vital to cybersecurity
• How to manage treasury operations safely and securely in the digital age
• California Fintech MovoCash Expands Fund Transfer Options with Assistance from Fiserv
• Anti-fraud niche in payments thrives as e-commerce climbs
• What the DOJ’s Involvement in Cyberattacks Means for the Future of Ransomware
• Klarna tallies 20M US customers

From our Blog

• Why China’s Tough Stance on Crypto Mining Is a Boon for Miners Elsewhere...
• The Most Commonly Experienced Types of Fraud
• What is net zero?
• "Thieves of State": Sarah Chayes on Afghanistan
• New Online Course - Understanding Environmental, Social, and Governance (ESG)
• Should we be worried about technology?