The Central Bank of Kenya (CBK) has released its discussion paper on the possibility of a central bank digital currency (CBDC) and is now awaiting feedback from the public regarding the potential benefits and risks associated with it along with the regulatory concerns. Those willing to participate have until May 20, 2022, to submit their comments. In a discussion paper examining the potential use of a digital currency, the central bank said that CDBC solutions could flatten the multi-layered correspondent banking structure and shorten the payment chains. “This discussion paper is part of CBK’s initiatives to ensure informed policy review regarding financial sector innovations. CBK invites the public, industry and stakeholders to review this discussion paper on CBDC and provide feedback and ideas to be considered when assessing the use case for CBDC in Kenya,” it said. According to the financial institution, a CBDC could potentially shield the public from the risk of new forms of private money by providing safer and more trustworthy payment services in comparison to the new forms of money such as stablecoins. Overall, CBDC also presents an opportunity for cyberattacks and other security threats, including data privacy issues. Nigeria became the first country in Africa to launch its central bank digital currency (CBDC), in October last year while Ghana is at the advanced stage of launching its digital currency. Similarly, Zambia is also carrying out research on CBDCs. Currently, Kenya ranks 5th in the 2021 Global Crypto Adoption Index, according to blockchain analysis firm Chainalysis. As of June 2019, 91 countries are currently involved in sovereign digital currency research with just 14 advancing to the pilot stage, according to the Atlantic Council . Overall nine countries have already implemented a CBDC.

The post Kenya Releases Discussion Paper on CBDCs appeared first on Cryptoknowmics-Crypto News and Media Platform.

Kenya's central bank highlighted CBDC's merits and asked the broad public to express their viewpoint on the financial product.

Listen to the most important stories in Bitcoin and crypto covered by our newsroom in the past week. Nike sues over sneaker NFTs to clean house before metaverse arrives Sneaker resale platform StockX is being sued by Nike over a series of NFTs the sportswear giant says could harm its reputation. Read more It sure […]

The post PODCAST: Trump wash trades, Nike sues NFTs, Bitcoin funds Ukraine appeared first on Protos.

Cybersecurity authorities from Australia, the UK, and the US published a joint advisory on Wednesday warning of an increase in organized, high-impact ransomware attacks targeting critical infrastructure organizations across the world in 2021. The attacks targeted a broad range of sectors, including defense, emergency services, agriculture, government facilities, IT, healthcare, financial services, education, energy, charities, legal institutions, and […]

Kenya joins the growing list of countries that are exploring national digital currency options. The Central Bank of Kenya has said the use of a Central Bank Digital Currency (CBDC) could enhance cross-border payments by making them more efficient and less costly. More and more countries are now exploring a CBDC option. Earlier, the Indian […]

The surge in digital and mobile banking adoption has led to an increase in fraudsters deploying more account takeover (ATO) attacks. Digital is a low-risk, high-reward environment for cyberattacks, Andy Renshaw, senior vice president at fraud and risk management company Feedzai, told Bank Automation News. Account takeovers increased threefold between 2019 and 2021, according to […]

Cybersecurity is a growing concern. In 2018 alone, over 1,200 data breaches were orchestrated and nearly 450 million records were compromised. There will be more pressure to improve cybersecurity as these threats escalate. We have a problem with data security. We are more than 70 years into the digital age. We have found that data […]

The post Data Security Standards Are Evolving in Response to Rising Threats appeared first on SmartData Collective.

Los Gatos, Calif-based data protection and privacy firm Titaniam has raised $6 million seed funding from Refinery Ventures, with participation from Fusion Fund, Shasta Ventures and individual investors. Titaniam seeks to square the circle between data protection and data usability.

read more

Funding round led by Refinery Ventures, with participation from Fusion Fund and Shasta Ventures.

In Ukraine, activists use Bitcoin to develop weaponry, fund cyberattacks, and create facial recognition apps to spot Russian "war criminals."

The post Weaponry and cyberwar: How Bitcoin funds anti-Russia efforts in Ukraine appeared first on Protos.

Of the four bot marketplaces Cognyte analyzed, the Russian Market is the most dominant, but the others are all active, updated daily, and well-known, too.

A special law enforcement operation undertaken by Russia has led to the seizure and shutdown of four online bazaars that specialized in the theft and sales of stolen credit cards, as the government continues to take active measures against harboring cybercriminals on its territory. To that end, the domains operated by the card fraud forms and marketplaces, Ferum Shop, Sky-Fraud, Trump's Dumps,