Source: DCMA

Today, at the International Monetary Fund (IMF) Spring Meetings 2023, the Digital Currency Monetary Authority (DCMA) announced their official launch of an international central bank digital currency (CBDC) that strengthens the monetary sovereignty of participating central banks and complies with the recent crypto assets policy recommendations proposed by the IMF.

Consumer lender Latitude Financial has disclosed a major data breach that resulted in the theft of 14 million customer records, including personal information, drivers licenses, passports, and financial statements.

Silvergate Bank has gone into liquidation, raising further concerns about rising volatility in the crypto sector.

Some of the biggest names in the US banking industry are coming together on a proof of concept for a regulated digital asset settlement platform.

The Monetary Authority of Singapore and the Federal Reserve Bank of New York are teaming up to explore the use of wholesale CBDCs for cross-border payments.

200 days on from the mandatory introduction of Strong Customer Authentication (SCA) in the UK, 73% of retailers have seen online payment fraud decline, according to data from Barclaycard Payments.

Source: Capgemini

New payment methods (instant payments, e-money, mobile and digital wallets, account-to-account, QR codes) are leading the charge with consumers, but the looming threat of recession and growing inflation rates coupled with continuing geopolitical issues, is posing a whole host of new challenges.