10/20/2022
Global Finance Elites Meet to Discuss Digital Currencies Used to Control People with the Use of Digital Scores
Included in the group were: Her Majesty Queen Máxima of the Netherlands, who’s also the UN Secretary-General’s Special Advocate for Inclusive Finance for Development. Kristalina Georgieva, Managing Director, IMF, and Bo Li, Deputy Managing Director, and Cecilia Skingsley the BIS Innovation Hub Director.
Unlike cryptocurrencies, which are private, Central Bank Digital Currency (CBDC) will be issued and controlled by the central banks themselves. In many ways, it’s the same as banknotes, but it’s likely that every single transaction will be monitored for compliance
Note: Digital identity verification is essential to the operation of CBDCs, particularly in cross-border transactions.
Tradeable digital assets must be tied to a digital identity system, which in turn should be tied to an automatic KYC and AML/CFT verification system.
This is a foundational step to the potential use of CBDCs, and emerging developments in regulatory and compliance technology may benefit central banks’ experiments in the digital currency space.
© CopyRights RawNews1st
- Make sure you like us on Facebook
