Here are some of the possible use case for a CBDC

CBDCs are financial instruments that help the government achieve its public policy goals by offering a secure and dependable method of making payments. If they are adequately managed and the dangers associated with them are addressed, they may help to promote efficient, inclusive, and creative payments. CBDCs are found in a variety of configurations across a wide range of geographic locations.

1. An example of CBDC money would be social benefits and other targeted payments made in a nation that are "fit-for-purpose." In order to facilitate direct benefit transfer for LPG subsidies, CBDCs may be pre-programmed and issued. Other organizations may utilize programmable payments to reimburse their workers' travel and lodging costs.

2. CBDCs have the potential to be utilized for quicker cross-border money transfers. A collaborative effort among the world's leading economies may aid in the development of the infrastructure and procedures required for CBDC transmission and conversion on an international scale. CBDCs must be able to communicate with one another across jurisdictional boundaries if they are to function properly.

3. CBDCs may also be utilized for offline payments and rapid financing to small and medium-sized enterprises (SMEs). End users would be required to store their retail CBDCs in electronic wallets or accounts in order to utilize them. By lowering the risk associated with the clearing and settlement of retail payments, they are able to reduce counterparty risk.

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White Hat hacker was offered a $500,000 reward from Poly Network

Following a breach that resulted in the loss of $610 million by cryptocurrency exchange Poly Network earlier this week, the company announced a $500,000 "bug reward" to whoever was responsible. With an emphasis on enabling users to move or exchange tokens across various blockchains, Poly Network is a decentralized finance (Defi) platform that enables peer-to-peer transactions intending to facilitate peer-to-peer transactions. He had "helped us improve Poly Network's security," the company said. A "white hat" hacker tries to disclose cyber vulnerabilities. "Mr. White Hat" was also to get a $500,000 reward as part of the digital money repatriation talks. It said that the hacker had replied to the offer, but did not specify whether or not the offer had been accepted. However, it has been reported that the hacker has returned $340 million in money and has transferred the bulk of what is left to a digital wallet owned by them and Poly Network, acc

Why Energy Concerns Around Blockchain May Be a Misconception

Blockchain has made headlines recently for using more energy than airlines or even entire countries. Different types of chains have different impacts on the environment based on how they're designed. The proof-of-stake (POS) model is significantly more energy-friendly than the traditional Proof of Work (POW) model. Blockchains operate differently than traditional IT systems. Different types of chains have different impacts on the environment based on how they're designed. Proof-of-work (POW) is what's behind traditional "mining," where miners compete to solve a mathematical puzzle. The Bitcoin Foundation has switched to a more energy-friendly model of proof-of-stake. Proof-of-stake (POS) requires those working on the chain to have skin in the game. POS also reduces power consumption and accelerates the handling of transactions. The model is being adopted by big names in the industry such as Bitcoin, & Ripple.

Understanding the technology underlying cryptocurrencies

Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency

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