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Cupertino

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2022

Arshad Noor

CTO at StrongKey

Message Posts: 0 Comments: 8

Arshad is Commenting on

US falling behind peers on CBDC progress, warns think tank

In any country with an authoritarian government/head, there are no protections; so it is futile to discuss this in that context. In democratic countries, where laws can be established apriori, a set of controls can be established to prevent such failures. However, it is important to remember that not all anomalies can be recognized and addressed apriori. Diligent policymakers will continue to reinforce those protections regularly and fill gaps when identified and where necessary. Witness what the EU is doing with its laws: GDPR, PSD, DMA, etc. It still needs to be said, that unless consumers/citizens vote with their wallets/votes, even lawmakers and laws can be subverted. Caveat Emptor!

30 Jan 2024 Reply Read article

US falling behind peers on CBDC progress, warns think tank

If voters accept initiatives that must be completed in one election cycle, then they will get the government and life they deserve, Ketharaman. Some of humankind's greatest accomplishments far outlived the innovators' lifetimes - for which all of us should be grateful. Thanks for your thoughts.

30 Jan 2024 Reply Read article

US falling behind peers on CBDC progress, warns think tank

@Ketharaman, I do agree with The Atlantic Council that the US is in serious danger of falling behind the EU, China and India. I agree there are lots of policy, procedural and technological issues with the introduction of CBDCs, but I also see a lot of benefits (with the advantage that we know how businesses and consumers will behave in the post-internet era). I will encourage you to read this blog-post on LI from 2022: https://www.linkedin.com/pulse/let-federal-reserve-introduce-cbdc-arshad-noor/ for a perspective on potential benefits. There are more detailed comments I have provided to the Federal Reserve, starting on page 3 of this PDF: https://www.federalreserve.gov/files/cbdc-public-comments-9-20220624.pdf Happy to continue this discussion here or on LI.

30 Jan 2024 Reply Read article

UK funds given green light for tokenisation

It does not. Tokenisation is just another method to lure in susceptible consumers into a market, where they can be convinced they are getting in into something akin to Bitcoin. Blockchain has only one benefit that traditional cryptography does not offer: the ability to chain blocks into an indelible trail (assuming all other implementation details are secure and trustworthy). Bitcoin was merely the creator's "honeypot" to get susceptible people to participate into his/her scheme. Given that so many people appear to want to evade the oversight of law, it isn't surprising that Bitcoin still retains value. But, to conflate that value onto tokens of legitimate assets under the full scrutiny of law is silly; it just goes to prove that there are always some people who can be fooled all the time.

23 Nov 2023 Reply Read article