How the Facebook digital currency dream has changed - CNBC Reports

The Facebook-backed Diem Association plans to launch a new stablecoin tied to the U.S. dollar in 2021. Formerly known as Libra, the digital currency project faced years of pushback from regulators, with key figures deeming the project a failure months after the first white paper launched. So how is Diem getting its previous detractors on board? CNBC’s Joumanna Bercetche spoke to Diem’s chief economist Christian Catalini about what has changed, and what the new coin could mean for consumers. 

*NOTE- Diem has since withdrawn its license application in Switzerland shortly after publication of this report

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“TOP READS OF THE WEEK” (for week ending 4 June)

The latest top reads in banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• The Pandemic's not over yet. Here's what will dominate compliance & risk for the remainder of 2021.
• Biden budget proposes $58B to take on legacy tech, cybersecurity
• Behind the Firewall: 4 cyber executives on security disasters they avoided
• AI is learning how to create itself
• PayPal invests $50M more in Black, Latinx funds
• Cash wallets are the future of fintech
• Moving from value to values: an ESG assessment
• Inside Wells Fargo's struggle with worker safety during the pandemic
• Opinion: The Fintech Express Is Leaving Women Behind
• Bank of America's mortgage bankers are quitting in frustration over call quotas, cross-selling mandates, and a new compensation scheme that shortchanges top producers
• Should Central Banks Worry About Facebook's Diem and Alibaba's Alipay?
• Rethink risk management programs post-SolarWinds, experts say
• Hackers Exploit Post-COVID Return to Offices
• White House steps in as JBS ransomware interrupts consumer supply chain 
• Forget the piggy bank, Till Financial’s kids’ spend management app gets Gates’ backing
  

From our Blog

• Could digital currencies put banks out of business?
• Kaspersky finds that cryptomining malware was up, financial malware down in Q1 2021
• Cybersecurity: Are false positives real?
• We know what you did during lockdown
  

We know what you did during lockdown

We gave up our privacy to fight Covid-19, can we get it back?

An interrogation scene explores how Covid-19 has exposed the tension between the need for data to track and trace, and the right to privacy and justice. 

An FT film starring Lydia West and Arthur Darvill in collaboration with Sonia Friedman Productions and supported by Luminate.

• Written by James Graham.
• Actors Lydia West and Arthur Darvill.
• Directed and produced by Juliet Riddell.
• Edited and produced by Tom Hannen.
• Additional filming by Petros Gioumpasis.
• Supported by Luminate.

 

Kaspersky finds that cryptomining malware was up, financial malware down in Q1 2021

Bitcoin prices rocketed in early 2021, and so did the number of cybercriminals distributing malware to force infected devices to mine them, with numbers quadrupling from February to March alone.
Kaspersky finds that case of cryptomining malware were up, while financial malware was down in Q1 2021.

Kaspersky has published two reports detailing the state of the cybersecurity threat landscape in the first quarter of 2021. The first report, details desktop attacks and found that cryptomining malware has exploded in popularity, while the second report covering mobile devices, revealed that a popular Trojan targeting gamers has made the leap from PC to Android. 

Read the article and access the reports HERE. 

 

Cybersecurity: Are false positives real?

All alerts mean something, even if it's just that an employee needs more training. The threat of breach is constant, and those companies who make assumptions about alerts could be in big trouble.

Read the article "Cybersecurity: There's no such thing as a false positive" HERE.

“TOP READS OF THE WEEK” (for week ending 28 May)

The latest top reads in CBDC, banking, fintech, payments, cybersecurity, AI, IoT, risk management and much more

In this weeks selection;

Top Reads

• Fed Guidelines Look to Curb Fintechs Before They Run Wild
• Major payments trade group weighs in on CBDC development
• SWIFT Assesses What Roles It Could Play in Future CBDC Ecosystem
• CBDC – 3 reasons to just say no
• CNA Financial's reported $40M ransom payment likely a record
• Fed paper this summer aims to spur 'broad conversation' on CBDC
• HSBC CEO says Bitcoin not for us
• Ransomware seen as top cyberthreat as extortion demands, payouts soar
• AI Is Everywhere — Should We Be Excited or Concerned?
• Cyber premiums rise as insurers struggle to assess risk, GAO says
• CFOs can be on the hook for investigations — even after they leave
• Square may soon offer small-business checking and savings accounts, app code shows
• Fintechs attack cross-border business payments as banks and legacy players rush to innovate
• Twitter looks to add e-commerce features, CFO says
• Pinning ransomware gangs is a game of 'whack-a-mole'
• Expert: Biden's executive order on cybersecurity is a good start toward protecting organizations
• AI will yield biggest return in CFO spending during coming decade: Gartner

From our Blog

• Why central banks want to launch digital currencies
• Is Google Pay Safe? What to Need to Know About This Payment App
• Follow the money - Smart money is going into cash
• Fintechs focus on cross-border business payments
• Is AI a race to be won?
• Phone Call Scams—And How to Protect Yourself

Why Central Bank Digital Currencies need a solid legal foundation

Why do Central Bank Digital Currencies need a solid legal foundations? As any form of money, digital currency requires a sound legal basis. The legal treatment of Central Bank Digital Currencies depends on its design features. The distinction between account-based and token-based has significant implications.

 Catalina Margulis, a lawyer from the Legal Department of the IMF explains.