CBDC SPECIAL: Nations with Fast Payment and Banks Can't Live In Denial
Richard Turrin
Helping you make sense of going Cashless | Best-selling author of "Cashless" and "Innovation Lab Excellence" | Consultant | Speaker | Top media source on China's CBDC, the digital yuan | China AI and tech
Art of the day: Cat and bird, Paul Klee, 1928
Cat and Bird is a 1928 painting by Swiss-German painter Paul Klee. It was made while Klee was a teacher at the Bauhaus Dessau. The painting depicts the wide face of a stylized cat with a small bird perched on its forehead.
Klee made many paintings and drawings depicting cats, the most well-known being the current. The little bird on the forehead of the cat is actually meant to be inside the cat's head; it can be assumed that he is dreaming of potential prey. In the painting, the bird only plays a minor role; the undisputed main character is the cat, whose face overwhelmingly dominates the format.
Why Nations With Fast Payments Still Need A CBDC!
CBDCs are monopoly killers, bringing competition and resilience to payments
The IMF shows why retail CBDC is more than another way to buy coffee as it answers the most asked question about CBDCs:
Do central banks need a CBDC if they already have faster payment systems?
Read on for the answer.....
This is a pivotal article, and I wrote a long-form article: HERE
Banks Need a Competitive CBDC Strategy Now!
CBDCs will make it easier than ever before to switch banks!
CBDCs are coming, and banks in the EU and worldwide would do well to have a CBDC strategy now or be ready to bleed customers later.
Banks would do well to stop living in CBDC denial and get a strategy!
Read why CBDCs will kill customer loyalty: HERE
Instant Payments: A Startling Wake-Up Call for Traditional Banks
Banks are living in denial.
Banks are caught in a vicious circle of delaying the transition to instant payments, which in turn delays innovation and sends clients running to more nimble digital competitors.
Traditional banks are not fans of instant payments and are living in denial.
Read more the instant payment revolution: HERE
Too Many Blockchains Make Interoperability A Nightmare
Our blockchain future is proving more challenging to implement than many first thought, and interoperability is a key problem.
Interoperability is the ability of blockchains to communicate with one another and exchange data so that an asset on blockchain X can be transferred to blockchain Y.
Read more about why it's a hard but worthwhile problem to solve: HERE
Quantum is Now For Finance: Threat and Opportunity
For now, however, quantum is definitely more of a threat than opportunity
Quantum computing is still “experimental,” and banks must be very aware of the risks and opportunities it will bring.
For now, quantum computing is available only to the top banks for research and hasn’t trickled down to your local scammer.
Read more on why quantum is a double edged sword for banks: HERE
Postdoctorate at EESC-USP | Data Governance and Business Model | Intellectual Property, Artificial Intelligence and, Public Management
2moGreat insights on CBDCs and faster payments! It's interesting to see that even countries with advanced payment systems like China, Brazil, and India are still pursuing CBDCs. It's clear that CBDCs are not just a threat to banks' card business, but also an opportunity for them to innovate and keep clients happy.
CEO at Request.Finance & Web3FinanceClub.com | prev. CFO | YCombinator W17
2momakes sense to anticipate as CBDCs are going for banks like the internet went for Brick and Mortar businesses
Graduate in Master in Finance - Risk & Asset management
2moWith the current politics situation, Which country you think will be the more interesting case of change of its financial system ?
Senior Mechanical Design Draughtsperson
2moBanks need wCBDC’s to improve efficiencies of wholesale transactions! rCBDC’s May come in the future but presently stablecoins can fill that space.
Director of Finance | Driving Financial Growth with Expert Analysis | White label Payment Systems | Tech Builder | Cross Border Payments | Prepaid Cards |
2moInsightful take on CBDCs' coexistence with faster payments.