Global Security Mag: IDEX Comment: Fed official warns CBDCs could be embarrassing fad
Central Bank Digital Currency (CBDC) is continuing to gain momentum and offers huge potential for the financial sector – including transparency, speed, and financial inclusion among the unbanked and those without a smartphone. However, despite the many positives of CBDCs, one element that could slow role out down and risk it becoming just a “fad” is security. The rise of cryptocurrency scams and associated fraudulent behaviour over the last year has proven the dangers of launching innovative financial solutions without robust security measures. As a result, security in digital currency is paramount. To fully realise this potential, and ensure successful adoption for all consumers, a secure foundation built on financial innovation must be laid. One way this can be achieved is through the integration of CBDCs and fingerprint biometrics.