“TOP READS OF THE WEEK” (for week ending 2 July)

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

In this weeks selection;

Top Reads

• Robinhood agrees to pay nearly $70M in FINRA settlement
• Will Artificial Intelligence Robots Do the Majority of Our Work in the Coming Decade?
• British regulator warns Binance to halt UK activity
• Citi launches digital assets unit, confirming crypto plans
• On-demand pay catches on, but scrutiny persists
• New consumer tech gadgets modernize payments
• Quarles: Fed-backed currency poses 'significant' risks, 'unclear' benefits
• How multi-accelerated Kenyan fintech startup Kwara is building an international operation
• Critical goods industries face existential ransomware decisions
• Users Clueless About Cybersecurity Risks: Study
• Whistleblowers risk getting nothing from bankrupt companies
• Scant evidence that cyber insurance boom is leading to better security
• Automating invoices becomes a hot payments play

From our Blog

• CBDC and Cryptocurrencies are NOT the same
• Is the rush to CBDCs just a fad driven by FOMO?
• CBDCs and the opportunities for the monetary system
• Key Steps on the Road to Digital Modernization in Corporate Banking
• Crypto: will the bitcoin dream succeed?

CBDC and Cryptocurrencies are NOT the same

As millions of people start to take an interest in the world of crypto, it is important to understand the difference between a Central Bank Digital Currency (CBDC) and a Cryptocurrency like Bitcoin.

The growth of cryptocurrencies like Bitcoin and Ethereum has led to a greater interest in the technology behind these currencies from startups, individuals and governments alike.

There are many pros and cons to the CBDC economy. Jumping to conclusions based on incomplete understanding of the CBDC world is rife, especially since misinformation abounds and not much has been made public about the launch of the CBDCs by some of the economic giants in the world. 

Find out what these differences are in Arti Agarwal's article "Why CBDCs Are NOT The Same as Cryptocurrencies Like Bitcoin" HERE.

.

 

Is the rush to CBDCs just a fad driven by FOMO?

U.S. Federal Reserve Vice Chair for Supervision Randal K. Quarles called the global rush to roll out central bank digital currencies (CBDC) akin to the 1980s parachute pants fad and FOMO, or the “fear of missing out.”

He was speaking at  the 113th Annual Utah Bankers Association Convention, Sun Valley, Idaho.

He drew a parallel to the world’s knee-jerk infatuation with digital currencies.

“Before we get carried away with the novelty, I think we need to subject the promises of a CBDC to a careful critical analysis,” he said in his remarks.

You can read his full speech "Parachute Pants and Central Bank Money" HERE.

Other comments from PYMNTS.com HERE.

CBDCs and the opportunities for the monetary system

Central bank digital currencies (CBDCs) offer in digital form the unique advantages of central bank money: settlement finality, liquidity and integrity. CBDCs are an advanced representation of money for the digital age and the digital economy.

Digital money should be designed with the public interest in mind. Like the latest generation of instant retail payment systems, retail CBDCs could ensure open payment platforms and a competitive level playing field that is conducive to innovation.

The BIS, in its Annual Report, to be published later today, has a full chapter on central bank digital currencies. Read the full chapter HERE.

 

Key Steps on the Road to Digital Modernization in Corporate Banking

In this episode of Truth in Data, PaymentsJournal highlights key steps on the road to digital modernization in corporate banking.

Crypto: will the bitcoin dream succeed?

Bitcoin and other cryptocurrencies set out to upend the financial order and replace conventional money. Bitcoin has certainly disrupted the global financial system, but can it ever live up to the hype?

“TOP READS OF THE WEEK” (for week ending 25 June)

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

In this weeks selection;

Top Reads

• Attacks against container supply chains grow more sophisticated
• Legacy medical devices, growing hacker threats create perfect storm of cybersecurity risks
• BIS report shows growing divide on crypto
• Gensler says alternative to LIBOR poses risk of manipulation
• HSBC to sell French retail banking operations to Cerberus-backed entity
• PayPal to increase merchant fees in August
• Buy now-pay later drawbacks emerge for consumers, study says
• Morgan Stanley to bar unvaccinated staff from NY offices starting July 12
• VPN exploitation rose in 2020, organizations slow to patch critical flaws
• Mastercard faces pushback over ex-CEO's $27.7M pay package
• Visa pilots US merchant phone-tap system

From our Blog

• Elon Musk: CO2 saint or sinner? - FT Film
• Regulators Probe Market Amid Rising Meme Stocks
• Bitcoin Price Falters on China Crackdown
• Did covid-19 leak from a Chinese lab? - The Economist